Quick take:
- Dropp Group has acquired metaverse platform Phly for $25 million.
- The mobile and web software developer wants to create the world’s first physical digital twin metaverse.
- Dropp is beefing up its plan to provide experiential real estate from every major city in the world within the metaverse.
Dropp Group has announced the acquisition of metaverse platform Phly for $25 million. The mobile and web software developer wants to create the world’s first physical digital (phygital) twin metaverse.
According to the announcement, the acquisition will play a crucial part in Dropp Group’s plan to offer experiential real estate from every major city in the world within the metaverse.
The company is looking to bridge digital and real-world locations, enabling consumers, communities and brands to interact in phygital environments.
DroppLabs, the investment arm of Dropp Group will use the $25 million to deploy Flyy technology, enabling it to create MetaReaity. The company describes MetaReality as the “commercial and multisensory evolution of the metaverse.”
Commenting on the acquisition, Gurps Rai dropp’s CEO and Co-Founder said: “Our acquisition of Flyy represents a major leap forward for our company and platform. By integrating our innovative technologies, we will deliver the most complete and compelling metaverse experience anywhere.”
According to Rai, MetaReality will allow “communities to build the world they want to live in.”
The platform plans to add digital replicas of cities around the world into the metaverse. The initial rollout will include iconic buildings, all mintable as NFTs.
As part of the acquisition, Flyy’s Founder & CEO, Adel Al Massarani has joined Dropp, becoming its chief metaverse officer, in charge of the company’s new MetaReality division.
“I am thrilled to bring Flyy into the dropp group portfolio. Collectively, we are now poised to revolutionize the metaverse and Web3 industries,” Massarani commented on his appointment.
Dropp is not the first company to target the phygital segment of the metaverse. Earlier this year, Open AR Cloud was running a test program that involved creating replica cities in the metaverse. The Turkish Capital Ankara became its fourth city to join the program in January, after Los Angeles, Helsinki, and Bari.
However, Dropp seems set on creating a mega project that will bring all the major cities into the metaverse.
Stay up to date:
