MTN purchases land in Africa’s first metaverse

The telecommunications group is the first African company to do so.
Image: Waldo Swiegers/Bloomberg

JSE-listed telecommunications group MTN has become the first African company to enter the metaverse by purchasing land in Africarare, Africa’s first virtual reality metaverse, the group announced on Monday. A metaverse is a form of a virtual reality that allows users to interact and experience things as they would in the physical world.

MTN will join advertising agency M&C Saatchi Abel which announced similar plans earlier on the same day.

“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace,” MTN’s group executive for marketing Bernice Samuels said.

“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 will now own 144 plots of virtual land with an overall area of 12x12m via this purchase.

The group says it aims to increase its customer attractiveness through a series of experiences merged with consumer passion points such as gaming and music through its presence in the metaverse.

Africarare made its debut in South Africa in October 2021 and is the first African Virtual Reality metaverse featuring digital land.

Palesa Mofokeng is a Moneyweb intern.

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