Spain’s largest telephone operator Telefónica adopts NFTs, metaverse, and cryptocurrency

In Brief

Telefonica now accepts cryptocurrency payments for products on its tech marketplace,

The telecom company invested in Spain’s largest crypto exchange Bit2Me.

The firm has also entered the metaverse and NFT space.

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Spain’s largest telecommunications company, Telefónica, is diving deep into Web3. Telefónica, headquartered in Madrid, has launched an NFT marketplace, has invested in Spain’s largest crypto exchange Bit2Me and has partnered with Qualcomm to build XR and the metaverse. The multi-billion dollar company is now accepting cryptocurrency payments. This news was shared during Telefónica’s Metaverse Day event on September 29.

Telefónica has enabled payments with Bitcoin, Ethereum, Litecoin, Ripple, USD Coin, and other cryptocurrencies on its tech marketplace The company integrated crypto payments through Bit2Me. In addition, Telefónica has also become a part of Bit2Me through investments into the crypto company, but we have to wait for full details as they haven’t been disclosed.

The telecom giant has also created an NFT marketplace, Telefónica Marketplace, built on the Polygon network. The marketplace supports MetaMask and Wallet Connect, while MATIC is the only cryptocurrency used for NFT purchases. Some notable NFT creators on Telefónica Marketplace include writer Arturo Pérez Reverte, rapper El Chojin, United for Ukraine, Fundación Gomaespuma, and Fundación Isabel Gemio. 

This week, Telefónica announced a partnership with Qualcomm Technologies, Inc. “to strengthen their position as leaders in the future of XR and the Metaverse.” The companies will co-work to expand the XR ecosystem, leverage the Snapdragon Spaces XR Developer Platform, and build next-generation mobile network infrastructure. The two companies might also launch XR and metaverse products and offer related services.

The company is preparing for the future and is building infrastructure, evolving its services, and upskilling its team. According to Daniel Hernández, the VP of Devices & Consumer IoT of Telefónica, “XR will bring a new dimension to the digital and real world, enabling people to communicate, do business, socialize and entertain themselves in new ways.” 

Back in 2019, the telecom firm announced an initiative to support entrepreneurs in innovative technologies, such as blockchain and artificial intelligence (AI). The “Open Innovation” call was organized through the company’s tech incubator subsidiary, Telefónica Open Future.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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