MTN becomes first African company to purchase virtual land in the metaverse

The MTN Group has become the first African company to purchase virtual land after acquiring 144 plots in Africarare, the first Virtual Reality metaverse in Africa.

The cost of the land - an overall area of 12x12m - was not disclosed.

In a statement on Monday, February 28, 2022, 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’’.

The statement added that the investment demonstrates MTN’s commitment to supporting African innovation as it is the first company on the continent to support an initiative of this kind.

"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," the statement said.