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Nedbank Debuts On African Metaverse

Nedbank is the first African bank to enter the metaverse, buying 144 plots in yet-to-be-built Unbutuland to create a virtual financial services village.

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Nedbank, South Africa’s fourth-biggest lender by assets, said it has obtained a village for itself in Ubuntuland, establishing its presence in the metaverse.

Nedbank’s village will contain experiences ranging from virtual gaming to a sports lounge. Other early settlers include MTN, World Data Lab, and M&C Saatchi Abel, Africarare said.

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 a property and other digital assets.

Khensani Nobanda, Nedbank executive for marketing and corporate affairs, said Nedbank’s investment in the virtual-reality market aims to discover new marketing platforms and “create experiences that go beyond banking.”

“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.

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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