Telefonica Announces It Will Invest in Metaverse

MetaversePlanet July 30, 2022

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Telefónica, one of the largest communication companies in Spain, has revealed its decision to invest in Gamium, showcasing a reinforced commitment to the Metaverse.

The company expressed its intention to allocate undisclosed funds to support this Metaverse initiative through Wayra. Furthermore, Telefónica announced a collaboration with Meta to establish a Metaverse innovation hub specifically for startups. Metaverseplanet has compiled the details of these initiatives for you.

Telefonica Expands Metaverse Initiatives!

Telefonica Announces It Will Invest in Metaverse

Metaverse startups continue to gain popularity as companies, including Telefonica, show a growing interest in investments despite the current market conditions.

Telefonica, a major Spanish telecommunications company, has entered into a partnership with Gamium, a virtual world startup based in Barcelona. Telefonica has announced its plans to expand its Metaverse investments by supporting Gamium, the first decentralized Metaverse, which raised one million euros in just ten days through land sales on its platform.

The undisclosed investment in Gamium will be made through Telefonica’s innovation platform, Wayra, known for incubating technology-related projects. Gamium Metaverse, operating in 3D and VR-based channels, aims to introduce an application allowing users to create businesses and events within the Metaverse, fostering an online economy on the platform.

Marta Antunez, the president of Wayra Barcelona, expressed excitement about investing in Gamium, praising the team’s talent in the blockchain world. She emphasized the commitment to innovation and the empowerment of creators in building a new, more decentralized internet.

Telefonica has actively shown interest in Metaverse-related technology. CEO Jose Alvarez Pallete has highlighted the significance of the Metaverse for the company’s future, stating that the current era is witnessing the greatest time of change in human history.

In addition to the investment in Gamium, Telefonica is set to establish a Metaverse innovation hub, collaborating with Meta, the social media company. The innovation hub will provide a 5G communications lab for Spanish and local Metaverse-based startups, allowing them to test the efficiency of their platforms using modern communication networks.