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Telefonica of Spain Redoubles Its Commitment to the Metaverse

  • The multinational telecommunications company has just announced an investment in the Spanish startup Gamium, through its open innovation initiative, Wayra.
  • After the agreement with Meta, the multinational operator is closing alliances with emerging companies from around the world that work on the development of the virtual universe.

With this new investment, Telefónica of Spain continues to advance its interest in the metaverse and Web3. After the announcement of its alliance with Meta in March to investigate the possibilities of promoting this new technology, the company is expanding its radius of action by incorporating the Spanish Gamium metaverse into its business commitment.

The investment in the Barcelona-based startup is being made by Telefónica through the Wayra innovation node, created for this purpose. The operator launched a global Open2metaverse call several months ago to ally itself with emerging companies focused on the different uses of the virtual universe.

135 startups joined Telefónica’s call and another 1,625 companies from around the world were analyzed. Among the companies summoned was Gamium, whose interoperable “decentralized social metaverse” managed to invoice one million euros with the sale of land in just 10 days.

Gamium Metaverse

In Gamium’s virtual universe, users will participate through an avatar that will represent their unique digital identity. In addition, it will serve to interact with other metaverses and other Web 2 and Web 3 applications. This innovative concept of identity allows the user to be the owner of their data and exercise complete control over their privacy.

Users will also be able to access the platform in 3D and through an app. With the sold land and other lands still available in this metaverse, individual users or companies can create their own businesses or events through their avatars and participate in economic activity and play games.

Last February, the Spanish startup launched the pre-sale of its $GMM token with the participation of a group of investors including DAO Maker, Magnus Capital, and Metrix Capital. Influencers like Mr Beast and Willyrex, among others, also participated.

The company’s token finally hit the market a month later. Currently, it has a community of more than 100,000 people who can participate in the company’s decisions through different DAOs.

Support from Telefónica to its Allies

"We are excited to invest in Gamium, a very talented team in the crypto and blockchain world, committed to innovation and with the ambition to build the foundation of a new, more decentralized internet that empowers creators," the director of Wayra Barcelona, ​​Marta Antúnez, told DailyCoin.

After the signing of the agreement with Meta, Telefónica began to promote the development of the metaverse innovation center with the aim of helping to accelerate the readiness of the network and devices.

To do this, it is providing partner start-ups and local developers with access to an innovative 5G lab to serve as an end-to-end metaverse test bed.

The co-founder and co-CEO of Gamium, Alberto Rosas, stated that the goal is “platforms where the central element is the user, allowing them to control their data and privacy. For this reason, we developed our metaverse based on an identity that can be used across other applications and metaverses.”
Rosas stressed that the alliance with Telefónica means support for the company's mission "and demonstrates our willingness to go hand in hand with leading companies in this adventure."

The Chairman and CEO of Telefónica, José María Álvarez-Pallete, is convinced that “the metaverse will cause an even more profound change than the Internet.” He believes that humanity is currently experiencing a time of historical change and advancement of technology like never before.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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