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Telefonica, one of the largest communications companies in Spain, has decided to invest in Gamium, to strengthen its metaverse push. The company will allocate an undisclosed amount of funding to this metaverse initiative through Wayra, its innovation-based incubator arm. The company is also collaborating with Meta in the establishment of a meta-oriented innovation center for startups.
Metaverse initiatives have become popular for companies and VCs to invest in during this market downturn. Telefonica, one of the largest communications companies in Spain, has announced that it will strengthen its metaverse investment by supporting Gamium, a Spanish virtual world initiative. This Barcelona-based company has raised one million euros selling land on its platform in just ten days, and it is advertised as the first decentralized metaverse.
The investment, whose figures were not disclosed, will be made through Wayra, an open innovation platform of Telefonica, which serves to incubate technology-related projects. The Gamium metaverse will be accessible through 3D VR-based channels and, according to local reports, will also have an app that allows users to create their own businesses and events in the metaverse to the end of creating an online economy on the platform.
Marta Antúnez, head of Wayra Barcelona, said of the investment:
We are excited to invest in Gamium, a highly skilled team in the crypto and blockchain world, committed to innovation and with the ambition to build the foundations of a new, more decentralized internet that empowers creators.
Telefonica has been one of the most active companies in terms of interest in the metaverse and related technology. Telefonica’s CEO, José María Álvarez-Pallete, has been clear about the importance of the metaverse for the company and its future. In an interview published in May, he stated:
We are living in the greatest time of change in human history and the greatest accumulation of technology that no other generation has had until now. The Metaverse will cause an even deeper change than the Internet.
Telefonica’s focus on the metaverse has led to other actions. In addition to the announced investment, Telefonica has partnered with Meta, the social media company, in the establishment of a Metaverse innovation center. This hub will allow Spanish and local metaverse-based startups to have a 5G communications laboratory to test the effectiveness of their platform using today’s communications networks.
What do you think of Telefonica and their recent investment in Gamium? Tell us in the comments section below.
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