MTN Group buys 144 plots of virtual land in metaverse

MTN Group says it has acquired 144 plots of digital land in a South African virtual reality metaverse called ‘Africarare’.

The company announced this in a statement posted on its website on Monday.

With the purchase, MTN said it is the first African company to purchase space on Africarare.

“Africarare, which made its debut in South Africa in October 2021, is the first African Virtual Reality metaverse featuring digital land,” the statement reads.

“This purchase will see MTN owning 144 plots of virtual land with an overall area of 12x12m.”

It, however, didn’t disclose the price for which the land was bought.

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 consumers’ 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.”

Through its presence in the metaverse, MTN said it intended to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.

It added that the investment demonstrated its commitment to supporting African innovation.