IQST - iQSTEL Announces Metaverse Solution Targeting $61 Billion Market

Rhea-AI Summary

iQSTEL Inc. has announced a Joint Venture (JV) with GOTMY to develop a white label metaverse solution aimed at telecom customers. This venture taps into the rapidly growing metaverse market, currently valued at $61.8 billion, projected to reach $426.9 billion by 2027. iQSTEL, which generates over $90 million in annual revenue from telecom services, aims to expand its offerings to include immersive customer experiences through this solution. The new iQSTEL Metaverse division will be led by CEO Jose Enrique Puente, focusing on launching the metaverse platform in the coming quarter, potentially boosting iQSTEL's projected $105 million in revenue.

Positive

• Joint Venture with GOTMY expected to enhance customer engagement through metaverse solutions.
• Projected increase in revenue due to new metaverse offerings.
• iQSTEL's telecom division is already profitable, with expectations for new profit streams from emerging services.

Negative

• None.

NEW YORK, March 21, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced entering into a Joint Venture (JV) with GOTMY to accelerate the launch of a turnkey, white label metaverse solution for iQSTEL's telecommunication customers. The metaverse market size by revenue is estimated to currently be worth $61.8 billion and expected to grow to $426.9 billion by 2027.

iQSTEL currently delivers over $90 million in annual base revenue from its telecommunications offerings while expanding upon its base to include a comprehensive suite of new services designed to satisfy basic human needs in a modern world: ubiquitous communications; financial freedom, and clean, affordable mobility.

iQSTEL's telecommunications division is already profitable and management expects the EV and Fintech divisions to generate new profit streams this year.

GOTMY has expanded its personalized live video marketplace and platform offered through an app available for iPhone, Android and PC enabling content creators and internet influencers to host and monetize online events.  GOTMY now offers a white label metaverse solution empowering brands, large and small, to host 3D events where participants can interact with the brand and even buy from the brand in an online store without downloading any app or using a wallet. Learn more about GOTMY here.

Through the JV with GOTMY, iQSTEL will offer its telecommunication carrier clients a white label solution enabling telecommunication carriers to interact with their customers (end users, and enterprises) through a metaverse platform.

The iQSTEL white label metaverse solution developed in partnership with GOTMY will be tailored to provide telecom carriers with a distinctive and immersive customer experience. In line with GOTMY's mission to offer universally accessible experiential spaces, the iQSTEL solution for telecom carriers is intended to accommodate all mobile phone users, not just those with high-end VR headsets.

Jose E. Puente, CEO of GOTMY, expressed his enthusiasm for the collaboration: "We are eager to initiate this joint venture with iQSTEL, introducing our technology to the telecommunications market. We firmly believe that our white label metaverse will enable telecom carriers to provide exceptional and engaging experiences for their customers, while ensuring that these experiences are accessible to a broader audience."

IQSTEL management believes the metaverse will become as ubiquitous as the Internet serving as a standardized gateway for all content, products, services, and customer support services.

In conjunction with the GOTMY JV, iQSTEL also announces the new iQSTEL Metaverse business division, with Jose Enrique Puente as CEO. The first business objective of the new Metaverse division is to complete a graphic design upgrade and launch the iQSTEL metaverse solution next quarter.

Leandro Iglesias commented "We are very excited to launch our own metaverse platform. I have personally known Jose Enrique Puente for more than 15 years. He is a highly qualified entrepreneur and visionary with an impressive track record. iQSTEL is fortunate to have him on board. Under Jose's leadership I expect our metaverse platform to first differentiate iQSTEL within the telecommunications carrier market and then to subsequently grow and expand into becoming the tie that unifies iQSTEL's telecommunications, financial and mobility solutions into a seamless single offering satisfying basic human needs in a modern world: ubiquitous communications, financial freedom and clean, affordable mobility. Look for iQSTEL to launch the Joint Venture Metaverse Brand and Product next quarter adding to our telecommunications income and potentially compelling an increase to our current $105 million annual revenue forecast."

The iQSTEL and GOTMY partnership is set to revolutionize the telecommunications industry by presenting carriers with a leading, innovative approach to connecting with their customers. By merging the expertise of two industry-leading companies, this trailblazing solution promises to make a substantial impact within the telecommunications sector.

About iQSTEL Inc.:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

iQSTEL Inc.

IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details

iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website

https://www.iqstel.com/

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SOURCE iQSTEL Inc.

FAQ

What is the purpose of the iQSTEL and GOTMY Joint Venture?

The Joint Venture aims to develop a white label metaverse solution for iQSTEL’s telecom customers, enhancing customer engagement.

What is the current size of the metaverse market according to iQSTEL's announcement?

The metaverse market is valued at $61.8 billion and is expected to reach $426.9 billion by 2027.

What annual revenue does iQSTEL generate from its telecommunications offerings?

iQSTEL generates over $90 million in annual base revenue from its telecommunications services.

When does iQSTEL plan to launch its new metaverse solution?

iQSTEL plans to launch the metaverse solution in the next quarter.

Who will lead the new iQSTEL Metaverse division?

The new iQSTEL Metaverse division will be led by Jose Enrique Puente.

What impact could the metaverse offerings have on iQSTEL's revenue?

The metaverse offerings could potentially increase iQSTEL's projected $105 million annual revenue.