Spanish Telecommunications Company Telefónica Enters the Metaverse

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Spanish Telecommunications Company Telefónica Enters the Metaverse

Delivering Web3 Services

Telefónica, a Spanish multinational telecommunications company headquartered in Madrid, Spain and one of the largest telephone operators and mobile network providers in the world, has announced it has entered the Metaverse, bringing new Web3 services and immersive, real-time experiences to its customers.

Created in Madrid in 1924 as Compañía Telefónica Nacional de España (CTNE) with ITT as one of its major shareholders, the Telefónica brand also trades as Movistar, O2, and Vivo and is a component of the Euro Stoxx 50 stock market index.

Importance of 5G

In the development of everything that Web3 and the Metaverse entail, telecommunications networks will play a key role. 5G will be decisive to enjoy immersive and real-time experiences since they require high bandwidth and low latency. Networks will have to adapt and decentralize to be able to squeeze the full potential of the infinite use cases that will emerge with the development of the metaverse and Web3.

In this new environment, the security that will be offered by the networks themselves will be a determining element for the offer of secure experiences. Telefónica is already well advanced on this path and this will allow it to consolidate its technological leadership now also in the field of Web3/Metaverse.

Metaverse Day

Just last month, on September 29, the company celebrated its first Metaverse Day within the framework of its Innovation and Talent Hub. The event was led by Chema Alonso, Chief Digital Officer of Telefónica, and Yaiza Rubio, Chief Metaverse Officer of the company served to connect corporate clients, technological partners, entrepreneurs and professionals in which Telefónica presented its initiatives in the Web3 field and the Metaverse. Among them, are recent agreements to work with leading technology companies that are the engine that will drive the development of immersive experiences such as Qualcomm, Niantic and Unity.

Other agreements added to the one already announced earlier this year to create a hub with Meta to explore Metaverse technologies and network capabilities will support the new services already being implemented.

Other Investments

In addition to adapting its networks to offer these new services and its internal capacities, Telefónica continues to arm itself with all the necessary pieces to strengthen its foray into this space. The company announced a significant investment in Bit2Me, the Spanish crypto trading platform with which it already collaborates on different initiatives.

Through Wayra, its investment vehicle aimed at startups, Telefónica has made investments in companies such as Helium, MetaSoccer, Crossmint, Rand, Matsuko and ClearX — investments to which must be added the acquisition of Imascono, a company specializing in the development of virtual experiences with which Telefónica has already worked on several projects.

Key to the development of these experiences are companies whose technologies are essential for their creation: companies like Qualcomm, Unity or Niantic with which Telefónica has just announced important collaboration agreements.

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