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Metaverse Token Gamium Surges 340% After Meta and Telefonica Partnership Announcement
The token has a market cap of $29 million and has surged by 340% over the past 24-hours.
Updated May 9, 2023, 4:09 a.m. Published Feb 28, 2023, 9:34 a.m.
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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.
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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.
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Real estate billionaire Barry Sternlicht is ready to tokenize assets, but says U.S. regulation blocks it
The $125 billion real estate firm wants to offer blockchain-based tokens to clients but is stalled by regulation.
What to know:
- Barry Sternlicht, whose Starwood Capital manages more than $125 billion in assets, says the firm is ready to tokenize real-world assets but is stymied by U.S. regulatory barriers.
- Sternlicht argues that tokenizing assets like real estate on blockchains could open new ways to raise capital and give investors access to illiquid markets.
- Praising the technology as "the future," he likens tokenization’s development stage to an earlier stage than that of artificial intelligence and says the world needs to catch up.
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