Telefonica, Spain’s biggest communication company, decided to make an investment in Gamium in order to strengthen its metaverse push. Wayra is the innovation-based incubator arm of Telefonica and will provide funds for this metaverse initiative. Meta is also being partnered by the company in creating a metaverse innovation center for startups.
Telefonica To Invest In Spanish Metaverse Gamium
Companies and VCs are increasingly interested in investing in Metaverse Initiatives during market declines. Telefonica, Spain’s largest communication company, announced that it would support Gamium, an initiative for virtual worlds in Spain. The company, based in Barcelona, has already raised one million euro through the sale of land via its platform within a matter of ten days. It is billed as being the first decentralized metaverse.
Wayra is an open innovation platform from Telefonica that helps incubate technology-related projects. The numbers of the investment were not revealed. Gamium’s metaverse will be accessible via 3D VR-based channels. Local reports also state that there will be an app that allows users to start their own events and businesses in the metaverse, which will allow them to build an online business.
About the investment, Marta Antúnez, head of Wayra Barcelona, stated:
Gamium, an innovative team of crypto and blockchain experts, is our investment choice. Gamium is committed to innovation, and has ambitions to establish a foundation for a more decentralized and open internet, which empowers creators.
Meta-Push
Telefonica was one of the top companies in terms of its involvement with the metaverse technology and associated technologies. Telefonica’s CEO, José María Álvarez-Pallete, has been clear about the importance the metaverse has for the company and its future. According to him, in an interview that was published May 1, he said:
This is the most exciting time in history for mankind. We also have the largest accumulation of technology. It will bring more change to the world than just the Internet.
Telefonica’s focus on the metaverse has prompted other actions. Telefonica announced the investment and has also partnered with Meta (the social media company) to create a metaverse innovation center. This hub will allow Spanish and local metaverse-based startups to have a 5G communications lab to test the efficiency of their platform using today’s communication networks.
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