MTN has bought 144 plots of digital land in the Africarare metaverse Ubuntuland for an undisclosed sum.
With the purchase, MTN laid claim to becoming the first African company to enter the metaverse.
Africarare made headlines in South Africa in October 2021 when its debut non-fungible token (NFT) art collection sold out in two weeks.
News24 reported that the 52 NFTs from renowned local artist Norman Catherine raised $53,000 (R765,400 at the time) in ether — the native cryptocurrency of the Ethereum blockchain.
The 144 plots in Ubuntuland have an area of 12×12 metres, MTN stated.
“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace,” said MTN group executive for marketing Bernice Samuels.
“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.”
MTN said this investment demonstrates its commitment to supporting African innovation.
Through its presence in the metaverse, MTN said it intends to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.