The Metaverse sector has attracted the attention of Spanish telecom company Telefonica as well as US-based chipmaker Qualcomm. The two companies have joined forces to jointly work on promising Metaverse projects that explore the potential of a fully functional virtual universe. As part of their agreement, Telefonica has agreed to use Snapdragon Spaces to bridge the gap between their users as well as the Metaverse. Launched in November last year, Snapdragon Space is an open mixed-reality (XR) platform for developing augmented reality (AR) software powered by Qualcomm’s mobile hardware technology.
The partnership aims to promote projects that integrate immersive devices with decentralized Web3 technologies.
“XR will bring a new dimension to the digital and real world, allowing people to communicate, do business, socialize and be entertained in new ways. We are preparing for this future and to bring to life the next evolution of the Internet, the Metaverse,” said Daniel Hernandez, VP Devices and Consumer IoT (Internet-of-Things) at Telefonica. Official statement,
The Metaverse market is expected In the report will reach $800 billion (approx. Rs. 59,58,700 crore) by 2024.
Qualcomm’s interest in Metaverse Tech was sparked a while back.
In January 2022, Qualcomm partnered with Microsoft to develop custom chips that will control lightweight AR glasses for both consumer and business use for Metaverse apps.
For instance, in March the US-based chipmaker launched the $100 million (roughly Rs. 760 crore) Snapdragon Metaverse Fund. Funding is being spent on a grant program for developers contributing to XR-supported gaming, media and health improvements.
XR is an emerging technology that combines AR and virtual reality (VR) that can be packaged into hardware such as smartphones, headsets and smart eyewear.
“XR will redefine how we live, work and socialize. At a pivotal time in technology development and deployment, we look forward to partnering with Telefónica to develop the active communities that will shape the ecosystem of the future through Snapdragon Spaces, which we believe will unlock the power of XR and take it to the next level,” said Dino Flore, Vice President of Technology, Qualcomm Europe. .
