Telephone, one of Spain's largest communications companies, has decided to invest in Gamium to contribute to the popular power of metaverse technology. The company will allocate an as yet undisclosed amount of funding to this metaverse initiative through its innovation-driven sponsor arm, Wayra. The company is also collaborating with Meta in the creation of a metaverse innovation hub for startups.

Metaverse startups have become popular for companies and VCs to invest in during this market downturn. Telephone, one of Spain's largest communications companies, has announced that it will strengthen the popularity of the Spanish metaverse by supporting Gamium, a Spanish virtual world initiative. This Barcelona-based company has raised one million euros in just ten days with land sales on its platform and has been announced as the first decentralized metaverse.

Telefonica

The investment, whose figures are not disclosed, will be made through Telefonica's open innovation platform Wayra, which serves investments in technology-related projects. The Gamium metaverse will be available through 3D VR-based channels and will also have an app that allows users to create an online economy on the platform, creating their own businesses and events in the metaverse until the very end, according to the announcement.

Wayra Barcelona president Marta Antúnez said about the investment:

   “We are excited to invest in Gamium, a very talented team in the crypto and blockchain world. We are empowering each other with the ambition to build the foundation for a creative, innovative and more decentralized internet.”

gamium

Telefonica has been one of the most active companies when it comes to popularity of metadatabase and related technology. José María Álvarez-Pallete, CEO of Telefonica, was clear that this technology is important to the company and its future. In an interview published in May, he said:

   "We are living through the greatest time of change in human history, and the greatest era of technology that no other generation has ever experienced. Metaverse technology will drive more change than the internet."

Telephone's focus on metadata has sparked further action. In addition to the announced investment, Telefonica has partnered with social media company Meta to create an innovation hub. This center will enable Spanish and local metaverse-based startups to have a 5G communications lab to test the efficiency of their platforms using today's communications networks.