Spanish telecommunications giant Telefonica and US-based chipmaker Qualcomm have recently entered into a collaborative effort to explore and develop promising projects within the metaverse sector, which involves fully functional virtual universes. As part of their partnership, Telefonica has committed to using Snapdragon Spaces to connect its users with the metaverse. Snapdragon Spaces, launched in November the previous year, is an open mixed-reality (XR) platform designed to create Augmented Reality (AR) software using Qualcomm’s mobile hardware technologies.
The primary objective of this collaboration is to incubate projects that combine immersive devices with decentralized Web3 technologies.
“XR will introduce a new dimension to the digital and real worlds, enabling people to communicate, conduct business, socialize, and entertain themselves in novel ways. We are preparing for this future and working to bring the next evolution of the Internet, the metaverse, to life,” remarked Daniel Hernández, VP Devices and Consumer IoT (Internet-of-Things) at Telefonica in an official statement.
It is anticipated that the metaverse market will grow to reach a value of $800 billion by the year 2024.
Qualcomm’s interest in metaverse technology dates back to some time ago. In January 2022, Qualcomm partnered with Microsoft to develop customized chips for lightweight AR glasses intended for use by both consumers and businesses in metaverse applications. Earlier, in March, the US-based chipmaker introduced the Snapdragon Metaverse Fund, with a funding allocation of $100 million. This fund is being utilized for a grant program supporting developers involved in XR-based advancements in gaming, media, and healthcare.
XR represents an emerging technology that combines elements of both Augmented Reality (AR) and Virtual Reality (VR), which can be integrated into hardware such as smartphones, headsets, and smart eyewear.
“XR will redefine the way we live, work, and socialize. At this pivotal moment in technology development and deployment, we are excited to collaborate with Telefonica to cultivate active communities that are building the ecosystems of the future through Snapdragon Spaces. We believe this will unlock the potential of XR and elevate it to the next level,” stated Dino Flore, Vice President of Technology for Qualcomm Europe.