Spanish Government Offers Grants To Metaverse Firms 

Since the metaverse concept gained traction, several countries and businesses have embraced the idea. As per recent reports, Spain has joined in on the metaverse frenzy.

The Spanish government has offered several grants and incentives to metaverse-centered projects. However, there are specific criteria the entities must meet up with.

Notably, the people and businesses interested in the funds must be headquartered in the EU or Spain. Next, they must show the strategy for their project. 

According to the announcement, the first round of funding will go to two industries. They include the entertainment and gaming sector.

Spain Acknowledges The Potential Of The Metaverse

Generally, nations worldwide view the metaverse and its related technologies as a huge part of the future. Currently, the world is driving towards digitalization. 

Therefore, several companies are including digital projects and products in their marketing plans. Spain has declared that it would provide funds totaling more than $4 million for metaverse-related initiatives. 

However, not everyone will benefit from the grant. Those who would help include companies and people working on the metaverse projects. Also, they must reside in Spain or the European Union. 

Furthermore, the nation’s Ministry of Economic Affairs and Digital Transformation will handle the disbursement of the funds. Additionally, those interested in applying for these awards must submit their applications to the ministry. 

In their plan, they are to outline the objectives and scope of their initiatives. Meanwhile, organizations or teams must have a minimum of 25% female representation to qualify.

The government anticipates that this initiative will push the metaverse idea in Europe. It also expects businesses to include the metaverse in their plans.

Countries Show Interest In The Metaverse 

Although the metaverse is gaining traction, the idea is still in its infancy. However, businesses are already striving to establish leadership in the sector. 

Presently, two sectors are gaining wide usage in the metaverse sector. They include the video games and entertainment sectors. 

As a result, the Spanish grant would be directed toward the gaming and entertainment sectors. Also, the government has started a new scheme for the metaverse. 

This would allow experimental projects with businesses involved in augmented, extended, and virtual reality. According to the Spanish government, the metaverse would be worth billions of dollars.

Last week, reports stated that the famous country wants to move some of its government offices to the metaverse.

As a result, the authorities are working with outside parties for the transition process. Meanwhile, the first organization in the country to open an office in the metaverse was the nation’s virtual assets regulator.

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