The metaverse and its related technologies are currently viewed as significant future development pillars by nations all over the world. Spain has declared that it will provide funds totaling more than $4 million for metaverse-related projects.
Companies and individuals working on the metaverse projects in the European Union or in Spain directly will be targeted by the grants program, which will be run by the nation’s Ministry of Economic Affairs and Digital Transformation.
Those who are interested in applying for these awards must present the ministry with a plan outlining the scope and objectives of each initiative. To qualify for these grants, organizations or teams must have a minimum of 25% female representation.
The ministry anticipates that this program will persuade businesses from all around Europe to include the metaverse in their long-term strategy. Even though the metaverse concept is still in its infancy, businesses are already striving to establish some sort of leadership in the space.
Given how intimately the metaverse is now connected to the gaming and video entertainment industries, this first round of funding will be given to such businesses. The ministry has also started a procedure that will allow experimental projects with businesses involved in virtual, augmented, and extended reality.
The Spanish ministry predicts that by 2026, the metaverse will be worth more than a billion dollars. The metaverse is a topic that other nations are seriously considering. One of them is Dubai, which is said to be in discussions with outside parties to prepare parts of its government institutions and services for the metaverse. One of the first organizations to open an office in the metaverse was the nation’s virtual assets regulator.
Similar to this, other nations are investing directly in the metaverse. South Korea disclosed an investment of $177 million in May to launch national businesses engaged in projects connected to the metaverse.
