After the recent announcement of a partnership between Meta Platforms and telecoms company Telefonica, the metaverse project Gamium (GMM) token has increased by 237% to $0.00034.
It has been reported (1) that Gamium will work alongside Meta and Telefonica on the Metaverse Activation Program.
This scheme is a venture designed to help companies in the Web3 domain scale their operations and receive assistance.
Additionally, entrepreneurs would gain access to the unique technology developed by Meta’s artificial intelligence (AI).
In collaboration with Madrid-based Telefonica, the social media behemoth intends to offer financial assistance to startup businesses. It was said in the announcement that
“Startups that participated also had the opportunity to explore commercial growth prospects with Meta and Telefónica,” as well as the opportunity to gain access to Telefónica’s open entrepreneurial ecosystem and the chance of receiving financing.
The Metaverse Activation Program is a collaboration between Meta and the Wayra network, which Telefonica established as a center for technological innovation.
In addition to providing access to software-enabled resources, the Activation Program also provides access to advanced hardware.
Reality Laboratories, which is part of Meta’s metaverse division, was the company that produced this cutting-edge and powerful hardware.
The partnership between Meta and Telefonica may result in long-term benefits for Gamium Token.
After the recent developments with Meta and Telefonica, the value of the Gamium GMM coin, which presently has a market worth of $29 million, is soaring to new heights.
Upon the announcement of the deal, the price of GMM shot up by more than 450% to reach $0.004539.
Most of the transaction volume involving GMM pairs was also conducted on Kucoin, Gate, and Uniswap, respectively.
The GMM token is utilized for the governance of the metaverse through the Gamium DAO in addition to being traded on secondary cryptocurrency markets.
Additionally, GMM makes it easier to participate in a variety of additional efforts, such as the governance of Avatars, the establishment and management of community-owned towns, and access to unique events.
According to recent reports, Gamium’s relationship with Meta and Telefonica may likely stimulate GMM trading activity, which would increase the token value.
Gamium’s blockchain is a developing metaverse project, despite the lower-profile nature of its native token. With digital identities, the network intends to modify and improve how humans interact with one another.
Meta & Telefonica Previous Web3 Ventures
This isn’t Meta’s nor Telefonica’s first venture into the Web3 space, as seen by this development.
In the past, Meta launched a program known as Diem to develop and promote its proprietary digital currencies, and Diem is no longer active.
Despite this, since its rebranding in 2021, Meta has made significant investments in the study and development of the metaverse.
For example, the largest social networking site established Horizon Worlds, a metaverse platform where users may engage in a virtual conversation.
In the past, Meta has also bought several enterprises related to the metaverse, including VR games.
During its trip in the metaverse, the large technology business Meta encountered unfavorable macroeconomic conditions, such as the crypto winter of the previous year.
As a result of the slump in the technology industry that prevailed in 2022, Meta was forced to implement several cost-cutting measures, ultimately leading to layoffs.
The business terminated the employment of 13% of its workers in November of last year, and there is a possibility that additional layoffs will take place in March. Mark Zuckerberg, CEO of Meta, is quoted as saying:
“Overall, we anticipate that by the end of 2023, our organization will either be around the same size as it is today or even a somewhat smaller one than we are now,”
Meanwhile, in September 2018, Telefonica invested in the Spanish cryptocurrency exchange Bit2Me and stated that it would begin supporting cryptocurrency purchases.