On Monday, 28th of February, MTN Group announced the acquisition of its first digital land, thus becoming the first African company to enter into the metaverse.
MTN acquired 144 plots of digital land measured 12x12m in the Africarare metaverse, Ubuntuland, for an undisclosed sum. Mann Made Media and Africarare are currently developing Ubutuland.
Africarare is the first South African virtual reality metaverse featuring digital lands and housing in Africa. In 2021, it sold out its debut Non-fungible token (NFT) art collection for about $50,000.
Ubuntuland will showcase some of Africa’s best art in fashion, entertainment, sport, tech, and creativity. Also, it will provide a forum for artists across the continent to exhibit their work and creativity.
MTN’s acquisition comes after its recent brand transition to a technology company rather than just a telecommunications company. According to their statement, “This investment demonstrates MTN’s commitment to supporting African innovation.”
Through its presence and involvement in the metaverse, MTN said it plans to increase its customer appeal through various experiences merged with consumer passion points, like, music, gaming, arts, etc.
MTN further stated, “This is what our Ambition 2025 strategy is premised on – leveraging trends that amplify consumers’ digital experiences and engagement. We have always been at the forefront of technological and digital changes, and we remain alive to the exciting opportunities the metaverse presents for our customers and us.”
Image Source – MTN