The Spanish government announced its intentions to give a series of grants for metaverse R&D. Interested entities in the grant have to be based in Spain or the European Union. They would also present their plan and meet a set of requirements before consideration.
It was stated that grants will first be granted to the entertainment and gaming sector.
Spain Confirms the Relevance of the Metaverse
Various countries are now taking a close look at the metaverse and its associated technologies. They are considering it as a cogent pillar of development for the future. It was to this effect that Spain came up with its financial aid plan.
The country said its going invest more than $4 million into metaverse projects as grants. The grants will be coordinated by Spain’s Ministry of Economic Affairs and Digital Transformation. It will solely directed at entities with metaverse projects in Spain or the European Union.
Those who want the Spanish grants must have a plan in place for the Ministry. The plan has to explain the goal and reach of each project. Teams or companies have to have women forming 25% of their organization to be considered.
The Ministry strongly believes the program will draw companies in Europe. They would be encouraged to include the metaverse into their future plans.
Countries Join Metaverse Interest
The entire concept of the metaverse is still very broad and relatively young. Various companies in the field are already working to gain dominance ahead of everyone else.
The first set of Spanish grants will be targeted at video entertainment and gaming companies. The metaverse is still quite closely related to these industries. The ministry has expanded the scope to include projects experimenting in AR, VR, and ER companies.
The Ministry estimated that the metaverse sector will be worth over one billion dollars by 2026. Other countries are beginning to consider the metaverse quite seriously.
Dubai is said to be in talks with certain third parties to get some of its government offices metaverse-ready. Its regulatory agency was part of the first to set up an office in the metaverse.
Other countries are also investing directly into the metaverse. South Korea unveiled a $177 million funding for companies working on metaverse projects in May. This will encourage local founders to put in more effort in the metaverse direction.