Real estate in virtual space is growing at a rapid rate with many investors paying millions of dollars to secure spaces in this non-tangible world. MTN Group is the latest investor to own virtual corporate space in the Metaverse, others are global platforms like Facebook, Microsoft, Apple, Snapchat, Amazon, among others.
The African company announced in a press release that it has purchased 144 plots of virtual lands with an overall area of 12x12m. However, the price for which the land was bought was not disclosed.
According to Bernice Samuels, MTN’s Group Executive for Marketing, this investment plays in line with the company’s commitment to supporting African innovation. Notably, MTN Group has bagged the title of being the first African-owned company to make investments in this virtual reality initiative.
Speaking about the update, Bernice disclosed: “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’’.
The company was said to have made this purchase on Ubuntuland – a virtual reality space being developed by Africarare and Mann Made Media. Ubuntuland will showcase and promote some of the best art, fashion, entertainment, sport, tech and creativity from Africa and will provide a platform for artists across the continent to showcase their work.
Africarare is the first South African metaverse. The company accommodates and manages digital land with roots in the African continent. The company sold out its debut Non-fungible token (NFT) art collection last year for about $50,000.
This purchase by MTN also plays a critical role in the company’s attractiveness to customers as attention is being drawn towards the Metaverse. Also, this purchase is coming after a recent brand refresh by the company that positioned the company as a technology company, as opposed to a telecommunications company which it was formally known as.
