South African bank Nedbank has announced its entry into the metaverse by acquiring a 12×12 village in Ubuntuland, the metaverse of Africarare. With this move, the bank establishes its presence as the first African financial services institution to join the metaverse. Nedbank did not disclose how much it paid for the land.
According to their press release, Nedbank Village emphasizes customer value and service and aims to accommodate a variety of experiences ranging from virtual gaming to sports halls.
Africarare is Africa’s premier metaverse and home to settlers like the MTN, who purchased land in the metaverse in February.
According to Nedbank, Africarare is highly sought after by companies and individuals who want to take advantage of the many opportunities the metaverse offers.
“Creating experiences that go beyond banking has always been a top priority for Nedbank. Our participation in the metaverse is more than simply having a presence in this space; it’s about meeting the needs of customers on the platforms that work for them,” said Khensani Nobanda, Head of Marketing and Corporate Affairs Group at Nedbank Group.
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As for Africarare, Mic Mann, Co-Founder and CEO, said he is delighted to welcome Nedbank to the Ubuntuland supermarket.
Mann added: “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. Nedbank becomes the latest South African company to embark on Web 3.0 technology. This week, retailer Mr Price also held a contest to give away 9 non-fungible tokens (NFTs) to his Instagram followers.