Africa has officially marked its territory in the Metaverse, and MTN takes the lead as the first Africa company to become a landlord in the space. On February 28, the telecommunication giant, now positioned as a technology company revealed buying 144 plots of virtual land in the Africarare metaverse Ubuntuland for an undisclosed sum **on its website.
In mid-February, social media was buzzing when the telecommunications giant hinted at diversifying into a full-fledged technology company and rebranded its logo — underpinned by one simple, consistent, yet striking brand — to reflect its journey from just voice to other digital platforms like financial technology, artificial intelligence, big data, among a host of others. The group mentioned that the rebranding was necessary as part of its ‘Ambition 2025’ strategy, aimed at — leading digital platforms for Africa’s progress. “This investment demonstrates MTN’s commitment to supporting African innovation,” the group said.
From this move, which is in a space of two weeks from rebranding, it is crystal clear and interesting to see how MTN is taking its stand.
As many still contemplate on the reality of metaverse, and even though it may not actually exist yet, we’ve seen in the US and other parts of the world, are trying to make money from the concept. Celebrities like Snoop Dogg, Jay-Z, Ariana Grande, Paris Hilton, and Justin Bieber have bought the NFT-backed virtual spaces, Metaverse, using them for various things like virtual performances and launching digital brands.
Africarare and Mann Made Media are the developers of Ubuntuland, which will be available for public land sales later this year. Ubuntuland will feature the best of African art, fashion, entertainment, sport, technology, and innovation, as well as provide a platform for artists from all over the continent to exhibit their work. Africarare is the South African metaverse, containing virtual land with African roots. Last year, it sold out of its first Non-fungible token (NFT) art collection for around $50,000.
“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace,” said Bernice Samuels, MTN’s Group Executive for Marketing. MTN plans to boost its customer appeal through a succession of experiences integrated with consumer passion points, such as gaming and music, through its presence in the metaverse, he added.
Though MTN Group’s announcement doesn’t say what it aims to do with the area, it’ll almost certainly be a virtual reality (VR) or mixed reality (MR) platform for consumers to interact with the business’s goods as it changes from a telecommunications to a technology company.
Along with MTN, M&C Saatchi Abel, a South African advertising agency, purchased its own plot of virtual land in the newly created Ubuntuland.
While many African governments have been critical of cryptocurrencies, countries including South Africa, Kenya, and Nigeria have expressed support for the potential usage of blockchain technology. As a result, NFTs are slowly gaining traction among African tech enthusiasts and celebrities.