Africa’s largest telecom firm, MTN purchased 144 virtual acreage in Ubuntuland for an undisclosed fee.
MTN claimed that this acquisition made it the first African firm to enter the metaverse.
Public land auctions will begin later this year for the development of Africarare’s Ubuntuland and Mann Made Media’s Ubuntuland. Artists from throughout Africa will be able to display their work at Ubuntuland which will showcase the finest of African art, fashion, entertainment, sport, technology, and innovation. In the first metaverse to have origins in the African continent, Africarare is a digital landmass created by South Africans. An NFT art collection, which the company sold out for $50,000 last year, was the company’s first major sale of artwork.
“Although the NFT space industry and Metaverses in the United States, Europe, and Asia have witnessed tremendous growth, little has come out of Africa. As we look to this new world, we see a wonderful chance for Africa to participate.” A year ago, Mic Mann, Africarare’s co-founder, stated in an interview.
MTN recently repositioned itself as a technology company rather than a telecommunications one with its recent brand change. African innovation has always been a priority for MTN, and this investment shows that commitment.
“MTN seeks to boost its customer appeal through a series of experiences fused with consumer passion areas, such as gaming and music,” Bernice Samuels, MTN group’s chief marketing officer, explained in an interview.
M&C Saatchi Abel, a South African advertising agency, purchased a block of property in Ubuntuland with MTN. In addition to enterprises in Africa, firms including Samsung, Adida, and PricewaterhouseCoopers have purchased digital land in the United States and Europe.