MTN becomes first African company to invest in the metaverse by buying 144 plots of virtual land

Leading African tech company, MTN Group, announced that it has purchased 144 plots of virtual land in Africarare, the first Virtual Reality metaverse in Africa.

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

Africarare made its debut in South Africa in October 2021, making it the first African Virtual Reality metaverse featuring digital land.

Coined from two words Meta (beyond) and Verse (universe), the metaverse is a virtual world, a non-physical world where individuals can interact through the use of diverse virtual technologies. 

According to Bernice Samuels, MTN’s Group Executive for Marketing, “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’’.

MTN Group recently announced its transformation from a telecoms company into a technology company and changed its corporate identity.

The investment in the metaverse is part of the company’s new strategy dubbed Ambition 2025, and premised on Leading digital solutions for Africa’s progress. Through the delivery of this strategy, MTN aims to accelerate growth by building the largest and most valuable platform businesses and driving its industry-leading connectivity operations.

According to the company, “through its presence in the metaverse, MTN intends to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.