Can Africa tap into opportunities in metaverse?

The global landscape is rapidly evolving, with new opportunities emerging in the digital realm. As global brands explore the revenue potential in the Metaverse, Samuel Huber, CEO of LandVault, emphasizes the critical role of utility in driving long-term value in this virtual space. In a recent interview with CNBC Africa, Huber delved into the potential for African businesses to capitalize on the growing prominence of the Metaverse and the dynamics shaping its adoption. The buzz surrounding technologies like the Internet of Things, AI, NFTs, and the Cloud has paved the way for the Metaverse to take center stage in the digital arena. Brands such as Nike, Adidas, and MasterCard have demonstrated the revenue-generating capabilities of the Metaverse, signaling a shift in market dynamics and trade opportunities for African nations. With over 3 billion people worldwide engaging in gaming activities daily, Huber highlights the Metaverse as an extension of gaming technologies, offering immersive experiences beyond traditional gaming. Virtual events, live sports, and virtual replication of real-world activities present new avenues for businesses to connect with consumers in a digital environment. The Metaverse's device-agnostic nature enables access through various platforms, including desktops, mobile devices, and virtual reality headsets, fostering widespread adoption and engagement. Looking ahead to 2023, the continued evolution of the Metaverse presents promising prospects for businesses and investors. Governments are increasingly recognizing the significance of the Metaverse in driving digital innovation and economic growth. Initiatives by cities like Dubai and Hong Kong to establish virtual replicas of landmarks and businesses demonstrate a commitment to leveraging the Metaverse for tourism and economic promotion. LandVault serves as a case study of successful Metaverse utilization, having acquired 100 million square feet of virtual land. While investments in the Metaverse carry inherent risks tied to blockchain and cryptocurrency, Huber emphasizes the importance of delivering tangible benefits to brands to ensure long-term success. Utility remains a key driver of user retention in the Metaverse, necessitating the development of engaging and rewarding content to sustain consumer interest. Scarcity in Metaverse land mirrors real-world property dynamics, underscoring the competition for prime virtual real estate among brands and businesses. As Africa emerges as a promising market for Metaverse growth, countries in the Middle East and North Africa are poised to lead the way in Metaverse adoption and digital innovation. The Metaverse presents a unique opportunity for African nations to harness digital technologies and foster economic development in a rapidly evolving digital landscape. As investor interest grows and countries like Qatar position themselves as key players in the Metaverse space, Africa stands to benefit from the transformative potential of this virtual frontier. Huber's insights shed light on the vast opportunities awaiting African businesses and governments in the dynamic realm of the Metaverse, paving the way for a new era of digital engagement and economic prosperity.