Gamium token is riding high following reports that Meta and Telefonica would provide resources for the Web3 startup.
The token of metaverse project Gamium (GMM) recently spiked 340% to $0.0025 following a partnership announcement with Meta Platforms (NASDAQ: META) and telecoms firm Telefonica (NYSE: TEF). According to reports, Gamium will collaborate with Meta and Telefonica on the Metaverse Activation Program. This program is an initiative established to assist and scale startups in the Web3 space.
Furthermore, startups would also have access to Meta artificial intelligence (AI) proprietary technologies. The social media giant also looks to provide commercial support to these startups in tandem with Madrid-based Telefonica. The announcement read:
“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.”
Metaverse Activation Program is a joint initiative between Meta and Telefonica-instituted technical innovation hub network, Wayra. In addition to software-enabled resources, the Activation Program also grants access to sophisticated hardware. Meta’s metaverse unit, Reality Labs, developed this advanced and powerful hardware.
Gamium Token Could Experience Sustained Benefits from Meta & Telefonica Partnership
The Gamium GMM token, which currently has a market cap of $29 million, is riding high following the Meta and Telefonica development. GMM initially surged by over 450% to $0.004539 following the deal’s announcement. Furthermore, most trade volume featuring GMM pairs took place on Kucoin, Gate, and Uniswap.
The GMM token trades on secondary crypto markets and is also used for metaverse governance through the Gamium DAO. In addition, GMM facilitates other endeavors, including Avatar governance, launching and managing community-owned cities, and accessing exclusive events.
Reports state that Gamium’s partnership with Meta and Telefonica could likely spur GMM trading activity – in addition to the token value increase.
Despite the lesser-known profile of its native token, Gamium’s blockchain is an emerging metaverse project. The network seeks to alter and enhance how humans interact by introducing digital identity.
Meta & Telefonica Web3 Antecedents
This development is neither Meta nor Telefonica’s first foray into Web3. Meta previously instituted the now-defunct Diem initiative to develop and promote its own digital currencies. Nonetheless, since rebranding in 2021, Meta has invested heavily in metaverse research and development. For instance, the social media giant built a metaverse platform called Horizon Worlds, where players can interact virtually with each other. Meta also previously acquired several metaverse businesses, including virtual reality games.
Meta’s metaverse sojourn also saw the big tech company encounter unsavory macroeconomic circumstances, such as last year’s crypto winter. Amid the tech downturn that characterized 2022, Meta has had to embark on several cost-cutting measures, inducing downsizing. The company laid off 13% of its workforce last November and could further reduce its headcount in March. According to Meta CEO Mark Zuckerberg:
“In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
Meanwhile, Telefonica invested in the Spanish exchange, Bit2Me, last September and announced it would support crypto purchases.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.