The Spanish government has announced the issuance of a series of grants and assistance for Metaverse-related developments. Individuals and companies wishing to receive these grants must be based in the European Union or Spain, present a plan, and meet a series of requirements. The first round of grants will be dedicated to the gaming and entertainment sector.
Spain Recognizes Relevance of Metaverse
Countries around the world now consider the metaverse and its related technologies as an important pillar of future development. Spain has announced more than $4 million in grants for metaverse-related projects. The grant program will be administered by the country’s Ministry of Economy and Digital Transformation and will target companies and individuals working on metaverse projects either within the European Union or directly in Spain.
Those wishing to apply for these grants must submit a plan to the ministry outlining the reach and goals of each project. For companies and teams, women must make up 25% of the organization in order to apply for these grants.
The ministry hopes that the program will encourage companies across Europe to include Metavers as part of their future plans.
Countries interested in metaverse
The first round of grants will be directed to gaming and visual entertainment companies, as the metaverse is currently closely related to these industries. At the same time, the ministry is opening a process to include experimental projects using virtual reality, augmented reality, and augmented reality-related companies.
The ministry in Spain estimates that the metaverse could be worth more than $1 billion by 2026. Other countries are also taking the metaverse very seriously. One such country is Dubai, which is reportedly in discussions with third parties to make some of its government agencies and services Metaverse-ready. The country’s virtual asset regulator was also one of the first to open an office in Metaverse.
Similarly, other countries are putting money directly into metaverse investments: in May, South Korea revealed a $177 million investment to kick-start a state-owned company working on metaverse-related projects.
Image credits: Shutterstock, Pixabay, Wiki Commons