Spain to Offer Grants for Metaverse Companies

Spain to Offer Grants for Metaverse Companies

The government of Spain has announced it will issue a series of grants and aid for metaverse projects. The individuals and companies interested in receiving the grants have to be based in the European Union or Spain and will present a detailed project report, adhering to the guidelines for consideration. The first batch of grants will be dedicated to the gaming and entertainment sector.

Relevance of the Metaverse

Countries from all over the world are now considering the importance of the metaverse and its related technologies for the future. Spain has announced it will dedicate more than $4 million in grants for metaverse-related projects. The Grants Program is to be managed by the Ministry of Economic Affairs and Digital Transformation. The program will grant companies and individuals working on metaverse projects in Spain or the European Union.

Those interested in applying for the grants have to present a detailed project report, explaining the goals of the project. To be eligible for the grants, at least 25% of the company's team members must be female. The ministry expects the program will entice companies from all over Europe to further the metaverse realm in the future.

Countries Interested in the Metaverse

While the concept of the metaverse is still very broad, companies are already working towards establishing some kind of dominance in the field. This first batch of grants has been earmarked for gaming and video entertainment companies. It is generally presumed that the metaverse world enjoys close affinity with the sectors. The ministry has also opened a process to include experimental projects using virtual, augmented, and extended reality companies.

The ministry in Spain has estimated that the metaverse will be valued at more than a billion dollars by 2026. Other countries too are attaching a great deal of significance to the metaverse world. Dubai is reportedly in talks with third parties to set up its government offices and services in the metaverse. It is also notable that the Virtual Assets Regulatory Authority (VARA) of the country was one of the first to establish an office in the metaverse.

Countries like South Korea are investing directly in metaverse projects. In May, South Korea revealed an investment of $177 million to launch metaverse-related projects.