September 14, 2022 – dropp group, a Web3 company, has recently announced its strategic acquisition of Phly, Inc. (Flyy), a social metaverse platform that models real cities in a virtual 3D world, to develop a physical digital twin to bridge digital and real-world locations for consumers, communities and brands. dropp group stated that the acquisition of Flyy’s Web3 platform and its assets will help to accelerate dropp’s vision to offer experiential real estate from every major city in the world within the Metaverse.
The USD $25 Million acquisition will allow droppLabs, the innovation arm of dropp group, to deploy Flyy technology to create ‘MetaReality’ – dropp group’s commercial and multisensory version of the metaverse. Accessed through the droppTV consumer facing platform, MetaReality will provide users unique, value driven Web3 experiences unavailable elsewhere, according to the company.
“Our acquisition of Flyy 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 Gurps Rai, dropp’s CEO and Co-Founder. “Our mission is to enable communities to build the world that they want to live in.”
The company stated that the platform will feature fully immersive digital renderings of cities around the world, starting with the most iconic locations and buildings. Each building will be minted as a unique NFT so owners have access to dropp’s proprietary technology resources to build and engage communities in line with their objectives.
Flyy’s Founder & CEO, Adel Al Massarani, has joined dropp as Chief Metaverse Officer and will head up dropp’s new MetaReality division. Commenting on the acquisition and the new role, Massarani said: “I am thrilled to bring Flyy into the dropp group portfolio. Collectively, we are now poised to revolutionize the metaverse and Web3 industries.”
Image credit: dropp group
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.