MTN joins M&C Saatchi in metaverse ‘land’ buy

MTN Group has acquired virtual land in Africarare, a metaverse, joining advertising agency M&C Saatchi Abel, which announced similar plans earlier on Monday.

The JSE-listed telecommunications group said the purchase will see it owning 144 plots of virtual land with an overall area of 12 “metres” by 12 “metres”.

“This investment demonstrates MTN’s commitment to supporting African innovation,” the group said in a statement.

“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,” said group executive for marketing Bernice Samuels.

Earlier on Monday, M&C Saatchi Abel said it had opened an “office” in the metaverse, after purchasing its own virtual “plot of land”.

“Ubuntuland,” it said, “will showcase some of the best of African art, fashion, entertainment, sport, tech and creativity and will provide a platform for artists from across the continent to showcase their work”.

NFTs

Ubuntuland is being developed by Africarare and Mann Made Media and will be open to public land sales later this year, the company said.

Non-fungible tokens, or NFTs, will form an integral part of Ubuntuland. These digital assets or tradable tokens are created from art, music, videos, pop culture references or unique creative creations that can be bought and sold online, M&C Saatchi CEO Mike Abel said.

“The virtual marketplace will provide the perfect platform for any creative to develop and monetise their creative product as an NFT.”  — © 2022 NewsCentral Media

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