Quick take:

  • Altice Portugal through its subsidiary MEO has launched a metaverse experience on Spatial.
  • The Portuguese Telco giant is the first operator to join the metaverse race in the country.
  • The metaverse experience is developed in partnership with the Portuguese innovation agency Instinct.

Altice Portugal has jumped on the metaverse race with an immersive experience on Spatial. The company has teamed up with a local innovation agency Instinct to create a hub that allows users to create 3D avatars on MEO, a subsidiary of the Portuguese telecommunications giant.

Altice is Portugal’s largest Telco with an annual revenue of about $3 billion and more than 8,800 employees according to Zoominfo data. It is the first Portuguese telecommunications company to launch an experience in the metaverse.

Users will be able to access the metaverse hub via personal computers, tablets and smartphones, while those with VR devices will be able to enjoy immersive experiences.

The metaverse is a 3D virtual space where people can interact immersively through gaming, virtual concerts and other experiential events. MEO’s metaverse experience begins in Central Square, Lisbon’s central business district “providing access to several spaces, such as a Meo pop-up store and the Casa Meo virtual showroom.”

Although Altice may be spearheading the Telco metaverse race in Portugal, it is not the first company to explore opportunities in the burgeoning industry. Africa’s largest telecommunications company MTN announced its entry into the metaverse in March, after buying 144 digital plots of land in Africarare’s metaverse platform Ubuntuland.

Some of the largest investment banking companies have also jumped on the metaverse train with thematic funds or experiences that seek to onboard the younger generation of investors.

Earlier this year, McKinsey issued a report estimating the metaverse to be worth $5 trillion by 2030 amid rising interest from mainstream companies.

The industry has also attracted significant venture capital funding with venture capital firms wooed by the rapid adoption of metaverse gaming.

However, with Meta Platforms, the company that brought the trendy buzzword to the mainstream struggling to meet its projections, some VCs are beginning to cull their efforts amid the market downturn.

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