MTN moves to Metaverse after buying 144 plots of digital lands in Africarare, a Metaverse that South Africa has built.
The parent company of listed MTN Nigeria, MTN Group, made the investment just days after announcing that it has rebranded.
The formerly telecommunications company recently rebranded into a technology company to further leverage the opportunities in the tech ecosystem.
MTN moves to Metaverse and disclosed the digital land purchase deal in a statement on its website.
In the statement, it said it now owns 144 plots of virtual land with an overall area of 12x12m.
MTN moves to Metaverse And Here is its Technology vision:
This move is in line with the company’s ‘Ambition 2025’ vision of leading digital solutions for Africa’s progress.
It had said that it was poised to positioning itself for greater relevance before 2025.
To do that, it rebranded into a tech company to accelerate growth as well as speed up its service deliveries.
MTN’s Group Marketing Executive, Bernice Samuels, said expressed excitement over the company’s tech investment and mission.
She said that MTN moves to Metaverse, a step she said is taking the lead in ushering in Africa into the Metaverse.
“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace.
“This is exactly what our Ambition 2025 strategy is premised on – leveraging trends that amplify consumer’s 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 us and our customers.”
South Africa’s Metaverse, Africarare as MTN moves to Metaverse:
Africarare is South Africa’s metaverse.
The country launched Africarare in October 2021, becoming the first African VR metaverse to launch.
To buy digital assets or trade in the Metaverse, you will need a native token, UBU.
UBU is an ERC-20 token which runs natively on the Ethereum blockchain.
ERC stands for Ethereum Request for Comment while 20 is the proposal identifier.
ERC-20 is a common standard for creating tokens on the Ethereum blockchain.
It is an official protocol for proposing improvements to the Ethereum (ETH) network.
You can generate UBU token through mining trading rewards.
UBU’s transaction rate is 0.1% for all Taker/Maker trades.
As the world is bracing up to leverage the Metaverse technology for greater gratification, Africa seems to be sitting on the fence.
Except for creators, Africa has not made much impact in contributing to the Metaverse, or so it seems.
However, with South Africa first launching Africarae, its raises hope that the continent is equally following the trend.
Also, MTN Group, as an African company, has equally placed African businesses on the lineup of establishments rooting for Metaverse.
Although MTN moved to Metaverse with the buying of the digital lands, it did not disclose how much a plot costs.
So, we don’t know yet how much it bought a plot of digital land in Africarare but this investments, no doubt, will generate more funds for South Africa just as businesses in Africa too will benefit immensely.
The investment will also usher in new opportunities, especially for African creators and businesses.
MTN also intends to increase its customer attractiveness by investing in the digital world.
It said it plans to do this “through a series of experiences merged with consumer passion points, like gaming and music.”