The Gamium token is on the rise following reports that Meta and Telefonica would provide resources for the Web3 startup.
Gamium metaverse project (GMM) token recently surged 340% to $0.0025 after partnership advertisement with Meta Platforms (NASDAQ: META) and telecommunications firm Telefónica (NYSE: TEF). According to reports, Gamium will collaborate with Meta and Telefónica in the Metaverse Activation Program. This program is an initiative established to help and scale startups in the Web3 space.
In addition, startups would also have access to Meta’s proprietary artificial intelligence (AI) technologies. The social media giant is also looking to provide business support to these startups along with Madrid-based Telefónica. The announcement said:
“The participating startups also had the chance to explore business development opportunities with Meta and Telefónica, as well as access to Telefónica’s open innovation ecosystem and potential investment.”
The Metaverse Activation Program is a joint initiative between Meta and Wayra, the network of technical innovation centers established by Telefónica. In addition to software-enabled features, the Activation Program also grants access to sophisticated hardware. Meta’s metaverse unit, Reality Labs, developed this advanced and powerful hardware.
Gamium Token Could See Sustained Benefits From Meta And Telefonica Partnership
The Gamium GMM token, which currently has a market capitalization of $29 million, is on the rise following the development of Meta and Telefónica. GMM initially surged more than 450% to $0.004539 following the deal announcement. Also, most of the trading volume with GMM pairs was done on Kucoin, Gate, and Uniswap.
The GMM token is traded on secondary crypto markets and is also used for metaverse governance through the Gamium DAO. In addition, GMM facilitates other endeavors, including governance of Avatar, launching and managing community-owned cities, and access to exclusive events.
Reports indicate that Gamium’s partnership with Meta and Telefónica could likely stimulate GMM’s business activity, in addition to increasing the token’s value.
Despite the lesser known profile of its native token, the Gamium blockchain is an emerging metaverse project. The network seeks to alter and improve the way humans interact by introducing digital identity.
Background of Meta and Telefónica Web3
This development is neither Meta nor Telefónica’s first foray into Web3. Meta previously instituted the now-defunct Diem initiative to develop and promote its own digital currencies. Nonetheless, since the rebranding in 2021, Meta has invested heavily in metaverse research and development. For example, the social networking giant created a metaverse platform called Horizon Worlds, where players can virtually interact with each other. Meta has also previously acquired several metaverse businesses, including virtual reality gaming.
Meta’s sojourn in the metaverse also saw the big tech company encounter unsightly macroeconomic circumstances, such as last year’s crypto winter. In the midst of the technology downturn that characterized 2022, Meta had to embark on several cost-cutting measures, leading to downsizing. The company laid off 13% of its workforce last November and may further reduce its workforce in March. According to Meta CEO Mark Zuckerberg:
“Collectively, we expect to end 2023 with about the same size or even a slightly smaller organization than we are today.”
Meanwhile, Telefónica invested in the Spanish exchange, Bit2Me, last September and announced that it would support cryptocurrency purchases.
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Tolu is a Lagos-based blockchain and cryptocurrency enthusiast. He likes to demystify the crypto stories down to the basics so that anyone anywhere can understand them without too much prior knowledge. When he’s not up to his neck in crypto-stories, Tolu likes music, loves to sing, and is an avid movie buff.
