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Spanish media giant Telefonica joins investment in Metaverse

Telefonica, one of the largest media companies in Spain, has announced that it will bolster its super diversified investment by supporting Gamium, a Spanish metaverse initiative. This Barcelona-based company raised a million euros with a land sale on its platform in just ten days, and it is touted as the first decentralized metaverse.

The investment, which did not disclose a specific amount, will be made through Wayra, a platform for incubating Telefonica’s technology-related projects. Gamium metaverse will allow users to create their own businesses and events within the metaverse with the ultimate aim of creating an online economy on the platform.

Regarding the investment, Marta Antúnez, head of Wayra Barcelona, ​​said:

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 creator.

Telefonica is one of the most active companies when it comes to its interest in the metaverse and related technology. Telefonica’s CEO, José María Álvarez-Pallete, made it clear how important the metaverse is to the company and its future in May:

We are living in the greatest period of change in human history and the greatest accumulation of technology that has so far not been available to any generation. The Metaverse will cause an even more profound change than the Internet.

Telefonica’s focus on the metaverse prompted other actions. In addition to the announced investment, Telefonica has partnered with Meta, the social media company, to create a diversified innovation hub. The hub provides startups and local developers with access to an innovative 5G lab where they can use metaverse experiments.

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