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Telefónica invests in Metaverse technology company Gamium

Spanish telecommunications company Telefónica have announced that they are investing in Gamium, a Spanish Web 3.0 and Metaverse technology company. The investment was made through Wayra, Telefónica’s innovation hub, which invests in start-ups and “provides a unique and seamless interface between entrepreneurs and our network of companies, governments and other partners, adding value to the ecosystems in which [Telefónica] are present.

Telefónica are an active participant in the Metaverse. In an interview published back in May Telefónica’s CEO, José María Álvarez-Pallete, has stated that: “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.” Telefónica will make an undisclosed investment in Gamium, whose mission is “to innovate how humans interact in the digital space by building the truly Decentralised Social Metaverse.”

The two main products of Gamium’s Decentralised Social Metaverse are the Gamium World, and the Gamium App. The Gamium World is a fully immersive 3D environment that visitors can explore. Within Gamium World are ten neighbourhoods with islands, districts, and Gamium LANDS, pieces of digital real estate that can be purchased and developed using Gamium’s software development kit.

Gamium World also includes the flagship Genesis City, with a look and feel straight out of the Middle East’s futuristic mega-city playbook. Within Genesis City visitors can socialise, play games and attend virtual events. Buildings in Genesis City include The Dome, which has portals that teleport visitors to different neighbourhoods, The Gamium Mall, where visitors can visit virtual stores and shop their favourite brands, and the Stadium, where visitors can enjoy sporting and music events.

The Gamium App, which is due to launch later this year, stores the user’s details, providing a digital identity that allows users access to Gamium’s Decentralised Social Metaverse. Gamium claim that: “Any Web3 application and Metaverse can integrate Gamium App's technology through the Avatar SDK to unlock more value for their users.” The Gamium App is also expected to allow users to create their own businesses and events creating an virtual Gamium economy. More details are provided in Gamium’s white paper.

This follows Telefónica’s call for Metaverse start-ups at Mobile World Congress back in March. Telefónica's Chief Digital Officer, Chema Alonso, used his speech at Four Years from Now (4YFN), the entrepreneurship event held in parallel to the Mobile World Congress, to announce Open2metaverse, which seeks to help Metaverse start-ups reach global scale faster. Wayra’s focus is on companies that are developing use cases for connectivity, devices, virtual platforms, identity tools, (NFTs) and marketplaces. Gamium appears to tick many of these boxes.

In addition to Telefónica’s investment in Gamium, it has also partnered with Meta (formerly Facebook) to provide Spanish and local Metaverse-based start-ups access to a 5G communications lab.

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Francisco Vargas/Flickr

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