Spain Announces $4 Million Grant Funds For Metaverse Initiatives

Spain Announces $4 Million Grant Funds For Metaverse Initiatives
  • Spanish officials predict that the metaverse will be worth more than $1 billion by 2026.
  • Firms or teams must have at least 25 percent of their workforce comprised of women.

The metaverse and its associated technologies are considered crucial development pillars for the future by countries all over the globe. The Spanish government has set up a grant fund of over $4 million euros to support initiatives relating to the metaverse. Companies and people working on metaverse initiatives in the EU or Spain will be eligible for the grant administered by the country’s Ministry of Economic Affairs and Digital Transformation.

Global Adoption of Metaverse Continues

Anyone interested in applying for these grants must submit a proposal to the ministry outlining the scope and objectives of their proposed initiatives. To be eligible for these incentives, firms or teams must have at least 25 percent of their workforce comprised of women. The ministry hopes that this scheme will be implemented in due course to attract businesses from throughout Europe.

Many firms are already attempting to create some form of domination over the metaverse, even though the idea is still quite new. As the metaverse is now tightly linked to the gaming and video entertainment sectors, the initial round of funding will go to these organizations. Parallel to this is a procedure the government has opened up to encompass experiments with virtual, augmented, and extended reality-related firms.

According to their estimates, Spanish officials predict that the metaverse will be worth more than $1 billion by 2026. The metaverse is being taken extremely seriously in other nations as well. This includes Dubai, where it is said that government offices and services are in the process of being made metaverse-ready. In addition, the country’s virtual assets regulator was one of the first to open an office in the metaverse.

Recommended For You:

Shanghai Proceeds for $1.5B Metaverse Fundings

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.