Africarare, dubbed Africa’s first metaverse, is preparing to debut its virtual token − the $Ubuntu Token − which will serve as a medium of exchange for businesses and consumers within the virtual marketplace.
Developed by Johannesburg-based innovation company Mann Made, Africarare is a 3D virtual reality immersive hub.
The artificial intelligence (AI)-powered Web3 platform enables connection, collaboration and e-commerce services among individuals, brands and communities.
Dubbed the next evolution of social connection, the metaverse is loosely defined as an extensive online world where people interact via digital avatars.
Africarare’s 3D virtual reality experience is set in Ubuntuland, a virtual world in Africa that marries creativity, crypto-currency and commerce.
Ubuntuland has hundreds of individual and corporate landowners, who have bought virtual land in the metaverse, with the intention to offer their products and services on the immersive platform.
Corporates include brands such as Nedbank, Primedia, Singularity Group, HAQQ Network, Mann Made and Cyberkongz, which have each seen over 20 000 hours of user engagement, with more than 90 000 total registered users and social media community members.
Africarare’s $Ubuntu Token will be officially launched on 29 February.
The $UbuntuToken is described as the lifeblood of Ubuntuland. It will facilitate buying, selling and trading within the marketplace, and will play a crucial role in governance and operational aspects within the metaverse, notes Mann Made.
Mic Mann, CEO of Africarare, explains the token will allow metaverse visitors to access realms of entertainment, education and art, by enabling participation in various interactive experiences.
“$Ubuntu Token is more than a utility token; it's a commitment to uplifting communities.
"Every transaction with the $Ubuntu Token contributes to change, seeking to promote the welfare of communities. Ten percent of all transaction fees go directly to our charity treasury, with projects like Drops of Life and Innovation, providing clean drinking water, as well as educational endeavours at the Maharishi Institute, offering tertiary business education to African students. Future initiatives will be voted in by the Ubuntu Decentralised Autonomous Organisation.”
According to a GlobalData report, the global metaverse market is forecast to record a compound annual growth rate of 39.8%, to reach $996 billion in 2030.
After its alpha launch at the SingularityU South Africa Online Summit in 2021, Ubuntuland has experienced continuous growth, with organisations and local musicians purchasing virtual land to showcase Africa’s businesses and creativity, says the company.
Looking at the future, with the upcoming Africarare AI Builder, landowners can be the first to create AI avatars, using their own GPTs and deploying them to enhance customer experience.