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Spain’s government has announced that it will grant grants and assistance for metaverse-related development. To be eligible for these grants, individuals and businesses must be located in Spain or the European Union and have a plan and meet certain requirements. The gaming and entertainment industry will receive the first grant.

All over the globe, countries are considering the metaverse as an important development pillar for the future. Spain has declared that it will provide more than $4 million in grants to support metaverse-related projects. The Ministry of Economic Affairs and Digital Transformation of Spain will manage the grants program. It will be available to individuals and companies working directly on metaverse projects in Spain or the European Union.

To apply for these grants, applicants will need to submit a plan to the ministry that outlines the goals and reach of each project. Women must represent 25% of companies and teams in order to be eligible for these grants.

This program is expected to encourage companies across Europe to consider the metaverse in their future plans.

The Metaverse is a topic of interest to countries
Although the concept of the Metaverse is still very vague, companies are working to establish some sort of dominance in this field. The first round of grants will go to video entertainment and gaming companies as the metaverse is closely related to these industries. The ministry also opened a process for experimental projects that use virtual, augmented and extended reality-related businesses.

According to the Spanish ministry, the metaverse will be worth more than a billion dollars by 2026. Other countries are also paying attention to the metaverse. Dubai is one of them. It is said to be in discussions with third parties to make certain of its government offices and services metaverse ready. The country’s virtual assets regulator was also the first to open an office in the metaverse.

Other countries are also investing directly in metaverse investments. South Korea announced a $177 million investment to help kickstart companies involved in metaverse-related ventures.

The post The Spanish Government will be Offering Special Grants for Metaverse Companies first appeared on The Daily Encrypt.


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Angie Byrd