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Drop Group has acquired Metaverse platform Phly for $25 million to create the “digital twins” of the world’s major cities.
Drop said it is combining with Phly (also named Fly), a social metaverse platform, to develop a physical digital twin (‘physical experience’) of every major city in the world. and to bridge real world locations. Consumers, communities and brands looking to seamlessly enter Web3. The deal suggests that Metaverse may move into the acquisition phase after a burst of startup activity.
DroppLabs, the innovation arm of the Dropp Group, will use Flyy technology to deploy to create MetaReality – what it calls a commercial and multi-sensory development of the Metaverse. Accessed through the DroppTV consumer-facing platform, MetaReality will provide users with a unique, value-driven Web3 experience that is not available anywhere else, the company said.
“Our acquisition of Fly represents a huge leap forward for our company and platform. By integrating our innovative technologies, we will deliver the most complete and compelling Metaverse experience anywhere,” said Gurpreet “Gurps” Rai, CEO of Drop, in a statement. “Our mission is to enable communities to build the world in which they live. They want to stay.”
Drop is using Phly to move to Digital Twins.
The platform will feature fully immersive digital rendering of cities around the world, starting with the most iconic locations and buildings. Each building will be molded as a unique NFT so that owners will have access to Dropp’s proprietary technology resources to build and engage communities.
Phly’s founder and CEO, Adele Al Massarani, has joined Dropp as Chief Metaverse Officer and will lead Dropp’s new metareality division, “I am thrilled to bring Fly to the Drop Group portfolio. Collectively, we are now ready to revolutionize the Metaverse and Web3 industries.”
The CEO of the drop is Gurpreet Rai.
DroppTV uses Droplabs’ proprietary technology to allow consumers, manufacturers and brands to streamline experiential commerce between the physical and digital worlds through an interoperable ecosystem, the company said.
Dropp said it enables brands to achieve increased affinity for data, increased conversions and finer attribution. In addition, DroppTV offers unparalleled comprehensive experiential NFT (Fungible Token) and social token capabilities, empowering partners and consumers to generate even more value in Web3.
Drop was founded in 2018, as was Phly. Drop has 35 full-time employees while Phly has nine.
“We acquired Fly because of the unparalleled complement of our existing technology stack and deliverables to consumers and customers,” Rai said in an email to Gamesbeat. “We know that existing Metaverse offerings have substantial barriers to entry. For example, they require specialized knowledge of some technologies like crypto, and they lack real usability. Most are not mobile friendly either. Our overall objective as a company is to make the on-ramp for Web3 easily understandable and accessible to everyday consumers and companies alike, and the experience and assets gained from Phly will allow us to do so.
He continued, “Acquiring on the fly has allowed us to accelerate our comprehensive Web3 roadmap and offer a compelling metaverse from scratch. We are now able to focus on developing and adopting proprietary technologies.” Fly’s capabilities, when combined with our existing technology stack, collectively enable this seamless experience from Web 2 to Web 3 in an immersive environment Will run quickly and efficiently.”
As far as the vision of Metaverse is concerned, Rai said, “Our vision for Metaverse is to blend digital and physical experiences. The Metaverse is the last mile extension of this natural progression as we connect our consumers and customers from Web2 to Web3. This will allow IP owners, companies and consumers to generate maximum experiential and economic value. Consumers will now be able to live in both environments simultaneously from anywhere on their mobile device.”
He further added, “Our plan for MetaReality is also to consolidate, enable and grow communities – providing a platform for users and fans to independently grow and market with relevant ideas, experiences and commercial concepts. IP Owners and companies will have the ability to integrate their fan and consumer experiences into the physical and digital worlds, making their offerings more accessible and powerful.
Phly and Dropp are combining to go after the metaverse opportunity.
I asked why Phly’s properties were valuable. Redd said Phly’s technology allows DropP to be a true physical, digital twin of real-life locations — what the company coined as “materiality.”
“The nature of the on-the-fly technology also enables us to roll out the ‘Metaverse as a service’,” he said. “We can rent our platform and parse it to others which will be portable across other platforms and experiences. Essentially it allows bosses in the metaverse to build their own ecosystems using Dropp’s technology, including AR, MR and gamified abilities.
From a development efficiency standpoint, both Dropp and Phly apps are built into Unity, which allows for seamless integration and quick roll-out.
Drop said it is using Phly assets and putting them on Optimum Web 3 Rails which are being identified and will be activated soon. Drop said the result will be a comprehensive, easy-to-use offering that is integrated within the Dropp app, complimentary Dropp products, and our enterprise client eco-system.
“In the short term, we already have active drop clients, such as Universal/Def Jam artist/actor Dave East, Elite Hospitality and Tajia Diamonds, who have a real and current opportunity to expand into the metaverse that we are now looking to quickly can activate,” Rai said. “MetaReality will also be combined with our SuperFan experience, providing IP owners and their followers with a dynamic ‘space’ for activism and experiences – something the market does not currently offer.”
As for consolidation, Redd said it wouldn’t mean what it did in the Web2 world. In Web2, businesses consolidate to reduce unnecessary personnel and processes, gain market share and improve their bottom line revenue, he said.
“While these goals may be essential for a company to survive and excel, consolation in the Web3 space will be more customer-focused. Web3 Business Consolidation focuses on providing consumers and end-users with more seamless, seamless engagement across the platform. Interoperability will be a guiding principle, and decentralized digital assets, such as NFTs, will make this possible,” he said. “FAANG (big tech platform companies) and other large centralized tech companies dominate the Web2 world because they were the closest to the servers and databases they owned. In Web3, the consumer and their digital goods are one and the same; They are not seen by any particular server or database.”
He said that people can transfer themselves and their digital assets over the internet as they wish. As a Web3 company, Dropp Group is integrating with Phlynot not only because it makes business sense, but also because it will provide a seamless and seamless digital experience to our customers, he said.
“As a company, we remain focused on on-ramping market momentum and adoption while acquiring and adopting technology resources in anticipation of the continuation of the rapid consolidation of our portfolio offerings. Maximizing the difference between “We see consolidation in the industry as a positive force, as collaborative projects that are building long-term products, communities and economies will still be here in contrast to projects with visions of a short-term gold rush.”
As far as the economic slowdown is concerned, Rai said, “We humbly and proudly share that we have strong access to capital, which has some of the darkest parts of the world on our cap table. We see the market as an opportunity.” And we are preparing ourselves to take advantage of the drought period to establish ourselves as the web3 market leader. The slowdown and our recent funding has really made us stand out from the market and potential competitors. The competition has put you in a strong position.
He said the company is also raising a venture fund to help promising companies survive and thrive. The company plans to activate its technology, communities and resources as an enabler and enabler for select high-potential companies.
“We are confident that this growth strategy will position us better not only for the current environment but also for the next market boom,” Rai said.
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