Africa’s inaugural metaverse, Africarare’s Ubuntuland, is gearing up for the debut of its first virtual token — the $Ubuntu Token.
Ubuntuland offers users a platform to craft, engage with, and monetize a variety of content and applications, spanning from art exhibitions and concerts to business meetings and social experiences.
The $Ubuntu Token will serve multiple functions within the Ubuntuland metaverse. It’ll act as the primary medium of exchange, facilitating transactions for land purchases, social experiences, applications, games, and retail stores within Ubuntuland.
Additionally, 1% of the 5% transaction fee from every Ubuntu token transaction will support philanthropic causes such as providing clean drinking water and offering tertiary business education in Africa.
Although the token is set to launch officially on February 29, 2024, the company is currently accepting registrations for the allowlist, as announced on X (Twitter).
Africarare, launched in 2021, leverages AI and mixed reality to facilitate connections, collaboration, and e-commerce, fostering growth within the African market.
The continent has experienced a significant uptick in blockchain funding, with a staggering 1,668% increase recorded in 2022, as reported by PWC and Emurgo Africa. Notably, Kenya, Nigeria, and South Africa are at the forefront of Web3 adoption on the continent.
The continued development and adoption of Web3 and cryptocurrencies across Africa hold promise for financial inclusion, particularly considering that over 40% of the population remains unbanked, and approximately 90% of financial transactions are cash-based.
