The metaverse tempts minds and carves out a niche for them in society. Admittedly, the idea behind it has been around since the 20th century. But Ready Player One, a movie directed by Steven Spielberg, did a lot to democratize it. Since then, an increasing number of nations—including Spain—have made an effort to encourage businesses to develop into the metaverse. And what’s more convincing than cash? Or perhaps we should say government aid?
The metaverse’s unquestionable importance
The metaverse is currently seen as a foundational element of civilization in many nations. both from an economic and technological perspective. Shortly after Catalonia itself, Spain has recently attracted media interest. The nation has declared its intention to provide funds totaling more than $4 million to initiatives pertaining to the metaverse. A grant initiative that will be targeted at organizations and people working on metaverse projects in Spain or the European Union. The nation’s Ministry of Economic Affairs and Digital Transformation will oversee its management.
Interested parties must submit a proposal to the ministry outlining the goals and parameters of their project in order to take advantage of it. Companies are required to adhere to a quota of 25% women in the workforce. An improvement in gender equality and a development in technology? We concur.
Spanish subsidies: the corporations in question
Since the idea of the metaverse has no true boundaries, it presents an ideal selection of business options. Companies are already making efforts to gain some kind of market domination. The first round of funds from Spain are intended towards gaming and video entertainment businesses. This is done out of respect for how closely the metaverse and ” geek ” sectors are related. The government has begun a process to include experimental initiatives using virtual, augmented, and extended reality as part of the same trend.
By 2026, the metaverse will be valued more than $1 billion, predicts Spain. The metaverse is a topic that other nations are seriously considering. One of them is Dubai, which is said to be in discussions to integrate some of its government agencies with the metaverse. South Korea is a further example of encryption. She recently disclosed a $177 million investment to start national businesses engaged in projects relating to the metaverse.
