MTN is the first African company to invest in Metaverse

MTN Group, the parent firm of MTN Nigeria, has announced the purchase of a digital land in Africarare, a South African-based Metaverse.

MTN currently owns 144 plots of virtual land with a total space of 12x12m, according to the press statement. The amount MTN paid for the plots, however, was not mentioned in the press announcement.

Africarare was the first African virtual reality metaverse to open in October 2021. As its native cryptocurrency, the platform uses the UBU token.

The investment reflects "MTN's commitment to supporting African innovation as it is the first corporation on the continent to sponsor an initiative of this kind," according to the press release. MTN seeks to boost its customer appeal through a succession of experiences blended with consumer passion points, such as gaming and music, through its presence in the metaverse."

Africarare is Africa's first virtual reality metaverse, which opened in October 2021. Ubuntuland, the metaverse, which is being built in collaboration with Mann Made Media, is slated to start selling public land later this year.

Ubuntuland, according to Africarare, will highlight some of the greatest of African art, fashion, entertainment, sport, technology, and innovation, as well as provide a platform for artists from throughout the continent to display their work.

Africarare is the first South African and African metaverse, with a baseline synopsis derived from the continent of Africa. Last year, the platform's first Non-fungible token (NFT) art collection sold out for around $50,000.

"We've seen an enormous amount of growth in the NFT space marketplace and Metaverses across the US, Europe, and Asia, but there hasn't been much coming out of Africa," Mic Mann, co-founder of Africarare, said. We believe Africa has a huge opportunity to participate in this new world."

"This is an exciting time for us as we bring businesses throughout the continent into the metaverse marketplace," Bernice Samuels, MTN's Group Executive for Marketing, said. This is the foundation of our Ambition 2025 strategy: harnessing trends that enhance consumers' digital experiences and engagement. We've always been on the cutting edge of technological and digital advancements, and we're excited about the possibilities the metaverse offers us and our customers."

Many more businesses throughout the world are now including bitcoin assets in their financial statements. It's no surprise that large African companies like MTN are making moves to include bitcoin investments in their asset portfolio. Many major and large organizations throughout the world, such as JPMorgan, PWC, Visa, Samsung, Adidas, and others, have announced the purchase of digital lands in the metaverse.

In addition, M&C Saatchi Abel, a South African advertising agency, purchased its  plot of property in Ubuntuland alongside MTN.