Spain’s Ministry of Culture and Sports Allocate €8 million ($8.5 million) to the development of the Metaverse experience. The program is part of Spain’s ‘Recovery, Transformation and Resilience Plan’ and will provide grants to foster projects in these areas in 2023.
Spain directs her €8 million to support the Metaverse and video games. Ecosystems
Video games and Metaverse experiences are beginning to factor into the cultural plans of several key states around the world. The Spanish Ministry of Culture has committed her €8 million ($8.51 million) to the development of video games and Metaverse experiences. Because this organization recognizes the value of these industries to this country.
The program, now in its second phase, has seen a 700% increase in funding compared to the first phase, which was expected to provide just under €1 million to support companies in this sector. However, 25 projects were selected to benefit from these grants at that time.
Funding provided by the European Union will come in the form of annual or multi-year grants to companies in this sector as part of the Recovery, Transformation and Resilience Plan. It aims to digitize and modernize all aspects of the Spanish economy. Other countries, such as South Korea, have already channeled funds into investing in the Metaverse.
The Importance of Video Games and the Metaverse
For Spain’s Minister of Culture, Miquel Iseta, the video game industry has played a major role in transforming Spain’s production model. Commenting on these grants, Iseta said:
As part of this effort, video games as metaverse experiences have come to be considered cultural creations. This means that the National Library of Spain must preserve these as part of Spain’s heritage and must be collected to ensure their preservation for future generations.
The immersive experience sector is important in the country, with video games being the most popular audiovisual entertainment option in Spain, being replaced by movies. This is why Iseta wants to put Spain in a position where it can compete with other countries in the industry and export its games to other countries. The size could exceed €2.3 billion ($2.44 billion) in 2024.
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