MTN has joined the Metaverse by buying 144 Plots of Land in Ubuntuland in the Africarare Metaverse. The company announced this on Monday through a press release on its website and posts on its social media handles.
Although the price of the land remains undisclosed, reports confirm that it has an overall of 12×12 meters. The latest acquisition aligns with MTN’s effort to transition from a telecommunications company to a tech company. With this purchase, MTN becomes the first African country to join the Metaverse.
According to the statement, MTN said it intends to improve its customer appeal through a variety of experience that integrates with consumer passions like gaming and music. The company’s Group Executive for Marketing, Bernice Samuels, said, “This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace.”
“This is the foundation of our Ambition 2025 strategy – to harness trends that enhance consumer 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,” she added.
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Early last month, MTN unveiled a rebranding of its iconic yellow logo. This is the second time ever that the company will overhaul its brand image since it launched in 1994. In 2004, it bought the trademark to its logo, thus cementing its status as the most valuable in Africa.
What You Should Know About Ubuntuland
Ubuntuland is a digital land in the Africarare Metaverse that provides a platform for African artists to showcase their work. This includes art, fashion, entertainment, sports and games, technology, and innovation.
Africarare is the first African Virtual Reality Metaverse, launched in South Africa in October 2021. It has about 204 642 available plots of land positioned and priced according to a tiered level system.
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The central area of Ubuntuland is reserved for custom-made Africarare experiences that it would release over time. Non-fungible tokens (NFTs) will form an integral of its ecosystem. Last year, it sold out its first non-fungible token (NFT) art collection for about $50,000.
Ubuntuland runs as a Decentralised Autonomous Organization (DAO), which means that community members own it. When a person buys land, they receive title deeds and ownership certificates verified by blockchain technology.
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According to Mic Mann, co-founder of Africarare, “We have seen an immense amount of growth in the NFT space marketplace and Metaverses across the US, Europe, and Asia. But there has not been much coming out of Africa. We feel there is a great opportunity for Africa to take part in this new world.”
Another South African company, M&C Saatchi Abel, also acquired its plot of land in Ubuntuland. Other non-African companies who have hopped on this trend include Samsung, Adidas, and PriceWaterhouseCooper.
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