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3 Ways African Businesses are Already Leveraging the Metaverse

African entrepreneurs are integrating their businesses with the metaverse to stay relevant in a rapidly changing environment due to its great potential.

Though just gaining ground on the continent, it is considered the next big thing after the internet. Hence, its importance cannot be overstated.

Its virtual reality (VR) and augmented reality (AR) technologies enable the multi-versatile platform to not only allow individuals from all over the world to cooperate through a digital facsimile but also conduct seamless business activity.

This way, online experiences are optimised, and businesses, collaboration, and communication are conducted in a virtual environment. 

Despite the fact that the metaverse’s many components have yet to gain widespread adoption in Africa, an analysis revealed that the metaverse will contribute $40 billion to Sub-Saharan Africa’s gross domestic product (GDP) over the next ten years.

Here are some ways African businesses are using the metaverse.

Jumoke Dada – Powers her showroom with Virtual reality (VR) and augmented reality (AR)

Jumoke Dada, CEO of Taeillo, an Afrocentric furniture company, incorporated 3D, augmented, and virtual reality into her business to ensure ease of transaction for her customers.

According to her, having a showroom display finished furniture is an archaic and out-of-date idea.

Using metaverse tools, customers peruse several goods in 3D and VR before making a final selection. 

Also, AR provides customers with a try-it-at-home experience. They use augmented reality to evaluate things in their area from the convenience of their electronic gadgets.

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Alex ‘Delz’ Erinle and artist Niyi Okeowo – Virtual fashion store

The co-founders of Thrill Digital, a virtual fashion store, Delz Erinle and Niyi Okeowo, incorporate augmented reality, virtual reality, cryptography, and gaming to create a fashion metaverse.

The platform also has an online game called Astra. It is a play and earn crypto game in which players strive to collect as many tokens as possible to win real-life fashion goods in a set amount of time.

The duo won a $40,000 grant from Epic Games, a US video game and software developer and metaverse development investor.

According to Erinle, “The metaverse is built for our virtual selves, the person we’ve crafted on Instagram or the voice we’ve built on Twitter. The next step is to have a 3D representation of this self and to build services around that.”

According to Morgan Stanley, a global leader in financial services, by 2030, the virtual fashion sector might be worth more than $55 billion. 

Non-fungible tokens (NFTs) give evidence of digital ownership; therefore, digital couture outfits can cost thousands of dollars.

Africarare – Virtual real estate

Africarare is dubbed as “Africa’s first metaverse”. It is a three-dimensional land with immersive virtual reality experiences and an art marketplace.

It was created by Johannesburg-based innovative firm Mann Made. Africarare accommodates a metaverse marketplace that features African art and gives companies and artists a place to sell their wares.

Top corporations are purchasing their virtual plots of land as the market booms and the industry’s financial prospects improve. MTN, a telecommunication company, recently bought an undisclosed plot of land from Africarare.

The land can be leased, rented, or sold for business meetings, art exhibits, and other events. As people acquire digital “land,” cryptocurrency has sparked a virtual real estate bubble.

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