MTN Group hosts Africa’s First Metaverse Property
Ubuntuland is already accepting private digital real estate transactions in the form of Metaverse property in anticipation of new public investment opportunities.
MTN Group, Africa’s largest telecoms company, revealed on Monday that it had purchased 144 plots of Metaverse property on Metaverse platform Ubuntuland, making it the first African company to do so. MTN’s virtual land purchase produces a 12 x 12 meters digital village.
The continent’s largest telecommunications company hasn’t said how it plans to utilize its digital territory, but it may be used for digital showrooms, brand awareness initiatives, or immersive consumer outreach.
Similar digital real estate investments have been made by companies such as Nike and Samsung and individuals such as Snoop Dogg and Deadmau5. Additionally, M&C Saatchi Abel, a South African advertising business, purchased an undefined number of plots to secure Ubuntuland office space. M&C Saatchi Group South Africa’s founding partner and CEO, Mike Abel, added,
“It will open up substantial digital and economic growth prospects for people, clients, and industry colleagues to collaborate on solving business and even societal concerns with creativity on our continent.”
According to reports, public digital land transactions are expected to begin in the third quarter of 2022.
Investments in Metaverse Property
In November of last year, investors set digital real-estate records, spending over $5 million in one week on two purchases worth $2.43 million on Decentraland and $2.3 million on Axie Infinity.
PricewaterhouseCoopers is one of the world’s Big 4 consulting firms, also paid $10,000 for digital land on The Sandbox. Last week, PwC installed approximately 200 virtual reality (VR) headsets in Dubai to bring Metaverse experiences to the Middle East.
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Ubuntuland Africa is an African non-profit organization.
Ubuntuland, South Africa’s first Metaverse, was created by rare Mann Made Media. Last year, the service received widespread appreciation, with its non-fungible token (NFT) art selling out to raise $50,000 for the Metaverse property.
NFTs are important in the Ubuntuland ecosystem because they encourage users to monetize and sell digital assets like art, music, and videos. The service’s ‘$UBUNTU’ cryptocurrency token, which allows Ubuntuland users to pay and play, is powered by the Ethereum blockchain.
Users on the Ubuntuland platform can use the platform’s 204,642 plots of digital land to host digital showrooms, shops, wellness rooms, music stages, film festival areas, and more.
Ubuntuland is expanding, with avatars, a decentralized autonomous organization (DAO), and blockchain-based ‘play-to-earn’ immersive gaming experiences planned for later this year.