South African banking institution Nedbank has partnered with Africarare, the continent’s first metaverse, to buy a 12×12 village in Ubuntuland for an undisclosed sum. As the first financial services organization in Africa to enter the Metaverse, this is added to strengthen and solidify their presence.
This new acquisition is part of the financial services group’s strategy to use digital technologies to improve its banking system, better serve its customers and maintain a competitive advantage through innovative technological solutions.
Commenting on the financial services targets, Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group said:
Creating experiences that go beyond banking has always been a focus for Nedbank. Our entry into the Metaverse is not just about having a presence in this space, but about meeting the needs of our customers on platforms that resonate with them, while offering a range of touchpoints that reflect our commitment to a demonstrate a leading role in the digital field
Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group
The new Nedbank acquisition aims to focus on customer value and services, offering a variety of experiences such as virtual games, a sports lounge and more.
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Financial institutions penetrating the metaverse
As the digital economic journey into the metaverse begins to accelerate, major global players in commerce and industry are poised to develop customized experiences in this digitally enhanced world heralded as the future of e-commerce.
This abrupt transformation may have occurred as more digital technologies are adopted and formats switch from analog to digital in the current financial environment.
Earlier this year, JP Morgan was the first bank to enter the metaverse.
The US financial giant bought a sizable stake in Decentraland. Other financial institutions have followed suit, including DBS Bank, HSBC, Fidelity Investments, and Kookmin, a South Korean bank that offers one-on-one consultations in the Metaverse as an alternative to client support.
Other global companies like Meta, Microsoft, Nvidia, and Square have also taken significant steps to establish a presence in the metaverse.
MTN is the first African company to enter the Metaverse by purchasing digital real estate in Africarare.
According to Bernice Samuels, Group Executive for Marketing, through its presence in the Metaverse, MTN intends to increase its consumer appeal through a range of experiences that meld with consumer passions such as gaming and music
Also read: MTN enters the metaverse and purchases 144 digital lots
The first metaverse in Africa, called Africararewas founded in October 2021 with the aim of connecting Africa to the global digital economy, bringing African creativity to the metaverse and unleashing African potential.
The African virtual reality metaverse features a digital land called Ubuntuland. It is an Afro themed metaverse developed by Africarare and Mann Made Media. It will showcase some of the best African arts, fashion, entertainment, sports, technology and creativity projects.
Commenting on the positive outcome of this huge investment, Mic Mann, Co-Founder and CEO of Africarare said:
We are thrilled to welcome Nedbank to Ubuntuland and look forward to creating positive change with them. By entering the Metaverse, this organization will pave the way for new solutions for Africa and play a role in the future of banking in this exciting world.
Mic Mann, Co-Founder and CEO of Africarare
Africarare also offers a marketplace for 3D virtual reality experiences called Ubuntuland. Ubuntuland is an Afro-themed metaverse developed by Africarare and Mann Made Media. It will showcase some of the best African arts, fashion, entertainment, sports, technology and creativity projects.
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His own currency is called die $UBUNTU Tokens and tokens can be bought, traded, held, and used for a variety of activities in Ubuntuland, including gaming, social interactions, and art exhibitions.
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