MTN Shows Glimpse of ‘Ambition 2025’ with First Metaverse Investment in South Africa

MTN Group, the parent company of listed MTN Nigeria, has made major moves as a technology company by buying digital land in a South African originated Metaverse called Africarare.

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

The press release stated that MTN now owns 144 plots of virtual land with an overall area of 12x12m. The statement however did not mention how much MTN paid for the plots.

Africarare was launched in October 2021, becoming the first African VR metaverse to launch. The platform uses a token, UBU token, as its native token.

Recall that MTN Group had unveiled its ‘Ambition 2025’; to lead digital solutions for Africa’s progress by driving accelerated growth and faster deleveraging, positioning MTN for greater relevance to 2025.

MTN Group has built strong core operations, which are underpinned by the largest fixed and mobile network in Africa; a large, connected registered customer base; an unparalleled registration and distribution network, as well as one of the strongest brands in its markets.

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 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’’.