Spanish government announces support for metaverse developers

The Spanish government has announced that the country will help finance projects in the field of metaverse — a series of grants worth € 3.6 million has been developed for this purpose.

According to the Ministry of Economy and Digital Transformation of Spain (MINECO), the business related to virtual and augmented reality could exceed $ 1 billion by 2026. Recognizing the prospects of the metaverse industry, the government decided to help developers. The first tranche will be addressed to companies that produce virtual content in the audiovisual and gaming industries for metaverse.

The initiative is a part of the plan launched for Spain’s digital development as part of the Digital Spain 2026 strategy. To participate in the competition for government grants, interested participants must work in the European Union or Spain, as well as submit a project for their metaverse.

Spain is not the only country that allocates funds to support the development of virtual reality. Shanghai authorities are planning to spend $ 1.5 billion on the development of a metaverse, hoping to help China’s economic recovery after the pandemic. This is currently the largest investment in virtual reality among all countries and companies. Virtual reality developers will also be supported in South Korea, where the government offered financial support to companies that create content for metaverse in early June. The Ministry of Science will launch a pilot project to select 4 companies producing content for metaverse. Each company will receive 200 million won ($ 160 thousand) for their developments.