Metaverse Token Gamium Surges 340% After Meta and Telefonica Partnership Announcement

Metaverse project Gamium’s native token GMM surged by 340% to $0.0025 on Tuesday after the project announced deals with social media giant Meta Platforms (META) and telecommunications firm Telefonica (TEF).

Gamium will work with Meta and Telefonica on the Metaverse Activation Program, an initiative launched to help and scale startups within the Web3 industry, according to an announcement on Monday.

Startups will have access to proprietary technologies provided by Meta AI, they will also be given commercial support by both Meta and Telefonica.

This is not the first foray into Web3 for either Meta or Telefonica, Meta was the parent company of the Diem project that at one time planned to develop its own cryptocurrency. Telefonica, meanwhile, invested in a Spanish exchange last year and revealed that it enabled crypto purchases.

The majority of trade volume across GMN trading pairs has taken place on KuCoin, Gate and Uniswap. It has a market capitalization of $29 million and reached an all-time high of $0.0106 in April 2022, according to CoinMarketCap.