Web3 software developer Dropp Group acquires social metaverse platform Flyy for $25 million
Chain Catcher News, Web3 software developer Dropp Group has acquired social metaverse platform Phly, Inc. (Flyy) for $25 million. It is reported that Dropp Group aims to create a physical digital twin metaverse, and this acquisition will play a crucial role in Dropp Group's plans to provide experiential real estate in major cities within the metaverse.
The company is seeking to connect locations in the digital world and the real world, allowing consumers, communities, and brands to interact in a phygital environment both online and offline. Dropp Group's investment division, DroppLabs, will deploy the $25 million to utilize Flyy technology, enabling the creation of MetaReality. As part of the acquisition, Flyy founder and CEO Adel Al Massarani joins Dropp as Chief Metaverse Officer, responsible for Dropp's new division, MetaReality. (Source link)