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MTN invests in metaverse

In an investment that demonstrates its commitment to supporting African innovation, MTN has bought 144 plots of digital land in the Africarare metaverse Ubuntuland for an undisclosed sum.

Africarare made headlines in South Africa in October 2021 when its debut non-fungible token (NFT) art collection sold out in two weeks. Africarare, South Africa’s first metaverse to launch, houses a digital land with roots in the African continent. This exciting 3D virtual reality immersive experience brings an entire new Metaverse marketplace to showcase the best of African creativity and provide a new platform for African artists.

The 52 NFTs from renowned local artist Norman Catherine, sold on Africarare, raised USD53,000 (R765,400 at the time) in ether – the native cryptocurrency of the Ethereum blockchain.

With MTN’s purchase of digital land, MTN lays claim to becoming the first African company to enter the metaverse. “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.

The move is in line with MTN’s Ambition 2025 strategy which is anchored on building the largest and most valuable platform business with a clear focus on Africa. This will rest on a scale connectivity and infrastructure business, making use of both mobile and fixed access networks across the consumer, enterprise and wholesale segments.

“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,” says Samuels.

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.

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