GMM, the native token of metaverse startup Gamium, is up nearly 370% in the past 24 hours after the company announced its collaboration with Facebook owner Meta and Telefonica. Gamium joined the Metaverse Activation Program, an initiative jointly launched by Meta and Telefonica to nurture and scale metaverse startups.
What is the Metaverse Activation Program?
Metaverse company Gamium has partnered with Meta Platforms and Telefonica through its Metaverse Activation Program. Gamium’s native token GMM surged almost 380% on the announcement.
Metaverse Activation Program is an initiative jointly launched by Meta and Wayra, a technical innovation hub network started by Spanish telecom giant Telefonica. The program seeks “to empower and scale startups within the metaverse and Web3 industry.”
The initiative provides startups access to proprietary artificial intelligence (AI) and blockchain technologies, such as “No Language Left Behind” from Meta AI, as well as sophisticated hardware developed by Meta’s metaverse unit Reality Labs. In addition, the startups will also receive commercial support from Meta and Telefonica teams.
“Startups participating also had the possibility to explore business development opportunities with Meta and Telefónica, as well as access to Telefónica’s open innovation ecosystem, and potential investment.”
– the announcement states.
Meta Continues Betting Heavily on the Metaverse Despite a Harsh 2022
Gamium, a company building a decentralized social metaverse and the digital identity of humans, is among several metaverse startups that joined the Metaverse Activation Program. Other startups participating in this initiative include Matsuko, Crossmint, and Gamelearn.
Meanwhile, the program marks yet another foray by Meta and Telefonica into web3 and metaverse worlds. Meta, previously known as Facebook, rebranded in 2021 to focus on building the metaverse.
Since then, the Big Five tech company has been investing heavily in the research and development of the metaverse. It built a metaverse platform Horizon Worlds, where players can move and interact with each other in various virtual worlds. It acquired several metaverse businesses, such as the virtual reality (VR) game “Population: One” maker Spatial.
But Meta’s dive into the metaverse has been rough amid the harsh and persisting crypto winter. The market downturn and weak interest in Horizon Worlds forced the company to cut costs and reduce 13% of its workforce last year. Earlier his month, the company reported its metaverse division lost $13.72 billion throughout 2022.
This article originally appeared on The Tokenist
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