Finance

MTN becomes first African company to make Metaverse investment

Published

2 years ago

February 28, 2022

MTN Group, the parent company of listed MTN Nigeria, has announced that it has bought a digital land in a South African originated Metaverse called Africarare..

This was disclosed via a press release published on the company’s website.

According to the press release, MTN now owns 144 plots of virtual land with an overall area of 12x12m. The statement however did not mention how much MTN paid for the plots.

Africarare was launched in October 2021, becoming the first African VR metaverse to launch. The platform uses a token, UBU token, as its native token.

Speaking on the development, Bernice Samuels, MTN’s Group Executive for Marketing said, “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’’.