Dropp acquires metaverse platform Phly for $25M
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Dropp Group has acquired metaverse platform Phly for $25 million to build “digital twins” of the major cities in the world.
Dropp said it is combining with Phly (which also spells its name Flyy), a social metaverse platform, to develop the a physical digital twin (‘phygital experience’) of every major city in the world to bridge digital and real-world locations for consumers, communities and brands who aspire to seamlessly onramp into Web3. The deal shows that the metaverse may be moving into an acquisition phase after seeing a burst of startup activity.
DroppLabs, the innovation arm of Dropp Group, will use the to deploy Flyy technology to create MetaReality — which it calls the commercial and multisensory evolution of the metaverse. Accessed through the DroppTV consumer facing platform, MetaReality will provide users unique, value driven Web3 experiences unavailable elsewhere, the company said.
“Our acquisition of Phly 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,” said Gurpreet “Gurps” Rai, Dropp’s CEO, in a statement. “Our mission is to enable communities to build the world that they want to live in.”
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The platform will feature fully immersive digital renderings of cities around the world, starting with the most iconic locations and buildings. Each building
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