Altice Portugal has jumped into the metaverse race with an immersive experience in Spatial.
The company has partnered with local innovation agency Instinct to create a hub that allows users to create 3D avatars in MEO, a subsidiary of the Portuguese telecom giant.
Altice is Portugal’s largest telecommunications company, with annual revenues of about $3 billion and more than 8,800 employees, according to Zoominfo data.
It is the first Portuguese telecommunications company to launch a metaverse experience.
Users will be able to access the metaverse through personal computers, tablets and smartphones, while those with VR devices will be able to enjoy immersive experiences.
MEO metaverse experience
MEO’s metaverse experience begins in Central Square, Lisbon’s central shopping district, “providing access to various spaces, such as a Meo pop-up store and the virtual Casa Meo showroom.”
Bem-vindos ao Metaverso do MEO, um novo espaço virtual, aberto a todos, e totalmente inovador! Preparado para embarcar nesta viagem? 🤩 A tua nova experiência começa agora… Sabe como, aqui https://t.co/Reax5JxPQo pic.twitter.com/6HU5O1nFtQ
— MEO (@MEOpt) November 10, 2022
Companies in the Metaverse
Although Altice leads the metaverse telco race in Portugal, it is not the first company to explore opportunities in the burgeoning sector.
Africa’s largest telco, MTN, announced its entry into the metaverse in March after buying 144 digital parcels on Africarare’s Ubuntuland metaverse platform.
Some of the largest investment banking firms have also jumped on the metaverse bandwagon with themed funds or experiences that seek to bring in the younger generation of investors.
Earlier this year, McKinsey released a report estimating that the metaverse would be worth $5 trillion by 2030, amid growing interest from mainstream firms.
The sector has also attracted significant venture capital funding, with VC firms attracted by the rapid adoption of metaverse games.
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