Nedbank Group Ltd., South Africa’s fourth-biggest lender by assets, has obtained a village for itself in Ubuntuland, establishing its presence in the metaverse.
(Bloomberg) — Nedbank Group Ltd., South Africa’s fourth-biggest lender by assets, has obtained a village for itself in Ubuntuland, establishing its presence in the metaverse.
The lender is partnering with Africarare, which describes itself as the first metaverse on the continent and creators of Ubuntuland, where one can buy, sell and rent property and other digital assets.
Nedbank’s investment in the virtual-reality market is geared at discovering new marketing platforms and “creating experiences that go beyond banking,” Khensani Nobanda, the group’s executive for marketing and corporate affairs, said in an emailed statement Wednesday.
“Our entry into the metaverse is not merely about having a presence in this space, it’s about meeting the needs of our clients on platforms that resonate with them,” Nobanda said.
Nedbank’s village will contain experiences ranging from virtual gaming to a sports lounge. Other early settlers include MTN Group Ltd., World Data Lab, and M&C Saatchi Abel, Africarare said.
Villages range from 1×1, which is a single plot of land, to 24×24, equivalent to 576 plots, according to Africarare’s website. There are 204,642 plots of land available in Ubuntuland, whose currency is the $Ubuntu token that’s built on Ethereum blockchain.
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