Dropp acquires metaverse platform Phly for $25M

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.