Telefonica, Spain’s largest telecommunications company, has decided to invest in Gamium, which will help it push further into the metaverse. Through its innovation-focused incubator Wayra, the company will put an undisclosed amount of money into this metaverse project. The company is also working with Meta to set up a center for business innovation in the metaverse.
Telefonica is thinking about putting money into the Spanish company Metaverse Gamium.
During this market downturn, firms and venture capitalists have become more interested in investing in metaverse projects. Telefonica, one of Spain’s biggest phone companies, said it would invest more in the metaverse by teaming up with Gamium, a Spanish virtual world business. This Barcelona-based company sold land on its platform and made a million euros in just 10 days. It calls itself the first decentralized metaverse.
The amount of the investment was not made public. It would be made through Wayra, which is Telefonica’s open innovation platform for starting up tech-related businesses. Local media say that users will be able to access the Gamium metaverse through 3D VR channels and an app that lets users create their own businesses and events in the metaverse. Eventually, the goal is to create an online economy on the platform.
Trying to move the Metaverse
Telefonica has been one of the most active companies when it comes to the metaverse and related technologies. The CEO of Telefonica, José Mara lvarez-Pallete, has talked a lot about how important the metaverse is to the company and its future. In an interview that came out in May, he said:
” We live in the greatest time of change in the history of mankind 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.”
Due to Telefonica’s focus on the metaverse, other steps have been taken. In addition to the investment that had already been announced, Telefonica has worked with the social media company Meta to set up a metaverse innovation center. This hub will have a 5G communications lab where entrepreneurs from Spain and the local area can test how well their platform works with today’s communication networks.