Will metaverse narrative make a comeback with Meta and Telefonica’s partnership to scale web3 projects

The metaverse token narrative is gathering steam yet again with technology giant Meta’s partnership with Spanish multinational Telecom company Telefonica. Gamium (GMM) will work on the Metaverse Activation Program, and the announcement triggered a massive rally in the token’s price. 

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Here’s why Gamium price rallied 440% overnight: Meta, Telefonica partnership 

Gamium’s native token GMM surged 440% to $0.0028 in response to the project’s announcement of a deal with social media giant Meta (META) and telecom giant Telefonica (TEF). 

Gamium will work with both technology giants on their Metaverse Activation Program and help scale web-3 startups, according to the recent announcement. All startups supported by the project will receive commercial support from both Meta and Telefonica. 

Both Meta and Telefonica have been interested in the Web3 industry for a while now, with Meta’s plan to develop its own cryptocurrency Diem and Telefonica’s investment in a Spanish exchange. 

A majority of GMM trade volume comes from KuCoin, PancakeSwap and Gate.io. The token has a market capitalization of $32.5 million, based on data from CoinMarketCap. 

Is the metaverse narrative making a comeback?

The metaverse narrative first gained popularity when Meta announced its earnings report in February 2023. Several metaverse tokens witnessed a double-digit rally in response to Meta’s commitment to building the metaverse. 

Metaverse tokens

With GMM’s massive price rally, Dypius (DYP), Defi Land (DFL), Artificial Liquid Intelligence (ALI), Spheroid Universe (SPH) rallied 90.2%, 8.7%, 7.9%, and 6.1% since February 27, respectively. The metaverse narrative is likely gathering steam again with Meta’s commitment to support web3 startups in the ecosystem, through incubation and partnerships.