- Africarare, a South African virtual reality and NFT hub, has announced that it will launch its virtual token, $UBUNTU, on February 29, 2024.
- The Africarare utility token will simplify buying, selling, and trading on the market and aid in the management and functioning of the metaverse.
- Africarare added that the Ubuntu Decentralised Autonomous Organisation (DAO) would vote on upcoming initiatives.
Mann Made, a technology and innovation company, launched Africarare, the first African metaverse, in 2021. It hosts virtual lands and is the brains behind Ubuntuland, an AI-powered web3 platform that offers virtual and augmented reality experiences. It provides collaboration, connectivity, and e-commerce services.
One of the features of Africarare is the Ubuntuland meeting room, which allows teams to subscribe and book a virtual team meeting for a fee.
Its token, $UBUNTU, is deployed on the Polygon chain and has a total supply of 1,000,000,000. Its distribution plans state that 2.5% of the supply is allocated to the Treasury, the community-controlled funding wallet of the platform, 2% to Staking Rewards, and 0.5% to the Charities Treasury.
When users buy $UBUNTU on Africarare, 1% of the 5% transaction fee goes towards the platform's goals.
Meanwhile, 10% of all transaction fees will be directed to the charity treasury, which will fund initiatives such as providing clean drinking water to people in Africa and educational opportunities for university students.
Users can engage in many interactive activities and access entertainment, education, and artistic experiences with $UBUNTU.
The Ubuntuland metaverse is home to more than 100 private and corporate landowners. Corporate owners include MTN, Nedbank, M&C Saatchi Group South Africa, Primedia, Singularity Group, and others.
In 2022, MTN acquired 144 virtual plots of land in Ubuntuland, an Africarare metaverse. The telco asserts it is the first African business to join the metaverse.
In September of the same year, Nedbank, a South African bank, announced it had acquired a 12×12 village in Ubuntuland to establish its presence as the first African financial services firm to enter the metaverse.
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Since Ubuntuland is a foreign concept, the company has stated that its main tactic for getting adoption in Africa is to offer a free course on developing solutions on the platform, which is open-source software that gives developers more opportunities to build on it.
Additionally, it promotes adoption by disseminating information about the metaverse through content.
South Africa is a significant contributor to the growing metaverse market in Africa. A survey conducted in 2022 predicted that the virtual economy could boost Africa's GDP by $40 billion.