An avatar from Africarare’s Ubuntuland.

Africarare, the organisation behind Africa’s first metaverse, has announced it will be launching a Web3 token later this month.

Scheduled for launch on February 29, the metaverse company says the $UBUNTU token will serve as a practical tool and “catalyst for positive change”.

The token will be used in Ubuntuland, Africarare’s 3D virtual reality environment, which has, to date enticed 90 000 users and has sold virtual space over 200 individual and corporate landowners. Companies that have bought virtual real estate in the metaverse include Nedbank, MTN, Primedia and Singularity Group.

Mic Mann, CEO, Africarare, highlighted the economic model behind the $UBUNTU token. He said: "The $UBUNTU token is not just a utility token, it's a promise to level up the community."

A tenth of all transaction fees are directed to Africarare charity coffers to fund "Drops of Life and Innovation: Africa." This supports the educational efforts of the Maharishi Institute to provide higher business education to African students.

"Every transaction made using the $UBUNTU token helps change the status quo and strives to promote the well-being of the community," Mann said.