The Presence of the Metaverse in Africa
There is more and more talk about the metaverse in the tech community and among friends and family. But what exactly is the metaverse?
It will consist of a set of virtual spaces, and interactive 3D experiences, and all of these are interconnected so you can easily move between them. With it, you can do things you couldn’t do in the physical world with people who aren’t physically present. Among the things you can do in the metaverse are hang out with friends, play, learn, shop, and more.
Developing the metaverse can help Africans access new, creative, social, and economic opportunities, and they can be part of its shaping right from the beginning. There are a few things to consider when it comes to Metaverse and its role in Africa.
Metaverse Readiness in Africa
With the evolution of the metaverse, brands and businesses, and the community as a whole, people will be able to express themselves creatively and expand their horizons. So the question is: Is Africa ready for the metaverse?
An important aspect of Africa’s economy is its large consumer market and top-quality talent. African GDP could grow by 300 billion dollars from the digital economy by 2025 (10% per year), and by 2035, the working-age population is expected to grow by 450 million people, nearly 70 percent. Africa has already experienced job creation and economic growth due to thriving start-up ecosystems. We will all benefit from technology that shapes how we live, work, and share our lives in the future.
There is no doubt that Africa is aware of the potential of the metaverse. Delz Erinle and Niyi Okeowo founded Thrill Digital, which uses AR and VR, crypto, and gaming to build a fashion metaverse. To launch Astra, a play-to-earn crypto game where players accumulate tokens for real-life luxury fashion items within an allotted time, Thrill Digital won a $40,000 grant from Epic Games, a US video game and software developer investing in metaverse development.
In October 2021, Africarare, the first South African metaverse, was launched. It offers an immersive VR experience and a marketplace for art in Ubuntuland, a digital land. In Africarare, the NFT art collection of renowned South African artist Norman Catherine was featured. As part of the Africarare experience, users can purchase land using $UBU Coin, create avatars, and participate in social, gaming, and art activities, and new Africarare NFT collections will be available.
Also in February 2022, African mobile network operator MTN Group announced that it had acquired 144 plots of virtual land in Ubuntuland. This is the first time an African company has invested in the Metaverse. A new era has begun for the African tech ecosystem!
What Will the Metaverse Offer?
With the world of the metaverse, entertainment is redefined for people online and becomes fun and exciting. Users of the metaverse enjoy its entertainment: a different reality allows them to travel between locations without paying extra. There are theme parks, tourist locations, and games you can play all while having fun. Watch your favorite musician perform with your VR/AR device or computer from the comfort of your couch. You’ll get an amazing experience on the metaverse and all the participants will have avatar representations during the concert.
The metaverse will also reimagine a favorite pastime for Africans and that is sports betting. There are thousands of visitors to sportsbooks and betting sites in Nigeria and other African countries. In that case, the Metaverse would make sense for them, by enabling them to offer next-level experiences to their customers.
Several options are likely to be available. You could, for instance, combine your physical presence at a game with a virtual betting space without stepping off your seat.
Alternatively, you could visit a virtual version of the in-play section of a betting site where you could chat with your friends or other bettors. Besides watching the game or seeing the stats, you’ll also be able to interact with others. There is still much to refine and develop, so it’s hard to say what to expect.
Economic Opportunities for Africa
Furthermore, African brands will have a significant opportunity to tell their unique stories through the metaverse. By 2035, Africa will be home to the world’s largest workforce, and many tech analysts believe the metaverse will open up economic opportunities there.
It is also interesting to note that one report estimates that the metaverse will contribute about 1.8% growth to the Sub-Saharan African economy 10 years after it is adopted, which translates into a $40 billion growth.