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Dropp Group acquired the Phly metaverse platform for $ 25 million to build “digital twins” of the world’s major cities.
Dropp said he is partnering with Phly (who also spells his name Flyy), a social metaverse platform, to develop the physical digital twin (“phygital experience”) of all major cities in the world to connect digital and real-world places. for consumers, communities, and brands who aspire to seamlessly access Web3. The deal shows that the Metaverse could enter an acquisition phase after seeing an explosion of startup business.
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DroppLabs, the innovation arm of the Dropp Group, will use Flyy technology to create MetaReality, which it calls the corporate and multisensory evolution of the Metaverse. Accessible through the consumer platform DroppTV, MetaReality will provide users with unique, value-oriented Web3 experiences not available elsewhere, the company said.
“Our acquisition of Phly is a big step forward for our business and our platform. By integrating our innovative technologies, we will provide the most complete and compelling metaverse experience, “said Gurpreet” Gurps “Rai, CEO of Dropp, in a statement.” Our mission is to enable communities to build the world they want to live in. “.
The platform will feature fully immersive digital renderings of cities around the world, starting with the most iconic places and buildings. Each building will be coined as a unique NFT so that owners have access to Dropp’s proprietary technology resources to build and engage communities.
Phly founder and CEO Adel Al Massarani has joined dropp as Director of Metaverse and will lead dropp’s new MetaReality division. “I am delighted to integrate Flyy into the dropp group portfolio. Together, we are now ready to revolutionize the Metaverse and Web3 industries. “
The company said DroppTV leverages proprietary DroppLabs technology to connect consumers, creators, and brands across an interoperable ecosystem that enables streamlined experiential trade between the physical and digital worlds.
Dropp said this allows brands to gain better affinity, increased conversions, and granular attribution for data. Additionally, DroppTV offers unique and comprehensive experiential social tokens (NFTs (NFTs) and social tokens, enabling partners and consumers to generate even more value in Web3.
Dropp was founded in 2018, as was Phly. Dropp has 35 full-time employees while Phly has nine.
“We acquired Flyy thanks to the unique complement of their technology to our existing technology stack and the end results of consumers and customers,” Rai said in an email to GamesBeat. “We know that current metaverse offerings present significant barriers to entry. For example, they require specialized knowledge of some technologies such as cryptography and lack real usefulness. Most are not mobile friendly. That said, our overall goal as a company is to create an easy-to-understand and accessible access ramp for everyday consumers and businesses to Web3 and the related experiences it offers and the resources Phly has gained will enable us to do so.
He added: “The acquisition of Flyy has allowed us to accelerate our complete Web3 roadmap towards building a compelling metaverse offering from scratch. We are now able to focus on evolving and adapting our technologies, giving ourselves a critical speed to market in an intense rush to market Flyy’s capabilities, when combined with our existing technology stack, will collectively drive this seamless Web2 to Web3 experience quickly and efficiently in a pleasant environment.
Regarding the vision for the Metaverse, Rai stated: “Our vision for the Metaverse is to combine digital and physical experiences into one. As we connect our consumers and customers from Web2 to Web3, the Metaverse is the last mile of extension of this natural progression. This will enable intellectual property owners, businesses and consumers to generate maximum experiential and economic value. Consumers will now be able to experience both environments simultaneously from anywhere on their mobile device. “
He added: “Our plan for MetaReality is also to aggregate, activate and amplify communities, providing a platform for users and fans to independently grow and market relevant business ideas, experiences and concepts. Intellectual property owners and businesses will have the ability to integrate their fan and consumer experiences across the physical and digital world, making their offering much more accessible and powerful.
I asked why Phly’s possessions were valuable. Raid said Phly’s technology allows Dropp to create a true physical and digital twin of places that exist in real life, which the company dubbed “MetaReality”.
“The nature of Flyy technology also allows us to implement the ‘metaverse as a service’,” he said. “We can rent and analyze our platform to others who will be portable to other platforms and experiences. Essentially, it allows metaverse owners to create their own ecosystems using dropp technology, including AR, MR, and gamified capabilities.
From a development efficiency standpoint, both the Dropp and Phly apps are integrated, allowing for seamless integration and faster deployment.
Dropp said he is mining Phly assets and putting them on optimal Web3 binaries that have been identified and will be activated soon. The result will be a comprehensive, easy-to-use offering integrated into the dropp app, complementary dropp products and the ecosystems of our enterprise customers, Dropp said.
“In the short term, we already have active dropp clients, such as Universal / Def Jam artist / actor Dave East, Elite Hospitality and Tajia Diamonds, who have a real current opportunity to expand into the metaverse that we can now quickly activate,” Rai said. “MetaReality will also be combined with our SuperFan experience, offering IP owners and their subscribers a dynamic ‘seat’ for activations and experiences, something the market does not currently offer.”
As for consolidation, Raid said it wouldn’t mean exactly what it did in the Web2 world. In Web2, companies have consolidated to reduce redundant staff and processes, gain market share and increase profits, he said.
“While these goals may be critical to a company’s survival and excellence, consolation in the Web3 space will be more customer-centric. Consolidating the Web3 business will focus on providing consumers and end users with smoother and smoother engagement across all platforms. Interoperability will be a guiding principle and decentralized digital assets, such as NFTs, will make it possible, “he said.” FAANG (the big technology platform companies) and other big centralized technology companies dominated the Web2 world because they were the closer to their server and their databases In Web3, consumers and their digital assets are one; they are not tied to any particular server or database.
He said that people can move on their own and move their digital assets over the Internet as they please. As a Web3 company, Dropp Group is consolidating with Phly not only because it makes business sense, but also because it will provide our customers with a seamless and seamless digital experience, he said.
“As a company, we focus on speed to market and scalability, acquiring and adopting technological resources and maximizing interoperability between our portfolio offerings in anticipation of the continuous rapid consolidation we are seeing around us,” Rai said. “We see consolidation in the industry as a positive force, collaborative projects that build long-term products, communities and economies will always be around, as opposed to projects with short-term gold rush philosophies.”
Regarding the economic crisis, Rai said: “We humbly and proudly share that we have strong access to capital with some of the deepest pockets in the world on our capitalization table. We see the market shift as an opportunity and are positioning ourselves to take advantage of the drought to establish ourselves as a leader in the Web3 market. The downturn and our recent funding actually put us in a stronger position relative to the market and potential competitors. “
He said the company is also setting up a venture capital fund to help promising companies survive and thrive. The company plans to activate its technology, community and resources as an angel and enabler for some high-potential businesses.
“We believe that this growth strategy positions us in an optimal way not only for the current context, but also for the future rise of the market”, said Rai.
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