MTN Group has announced that it has purchased a digital land in a South African originated Metaverse called Africarare.

This update was revealed in a press release published on the company's website.

The African company now owns 144 plots of virtual lands with an overall area of 12x12m. However, the price for which the land was purchased was not mentioned in the press release.

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

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Speaking on the development, Bernice Samuels, MTN’s Group Executive for Marketing disclosed: “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’’.

Real estate in virtual space is growing at a rapid rate and investors are paying millions of dollars in securing spaces in non-tangible spaces.

MTN's investment in Africarare will be monumental as the company will be the first African company to own a corporate space in the metaverse alongside notable global companies.