Spain to Provide 8 Million Euros Metaverse Venture Grants
The Ministry of Culture and Sports of Spain has decided to grant 8 million euros (USD 8.5 million) for the development of video games and metaverse experiences. The program is a part of the Spanish "Recovery, Transformation, and Resilience Plan," which will give grants to incubate projects in 2023.
Development of Video Games and Metaverse Experiences
Video
games and metaverse experiences are beginning to appear on the cultural
calendars of some countries around the world. The Ministry of Culture in Spain
has decided to
grant 8 million euros (USD 8.51 million) for the development of video games and
metaverse experiences, as a major shift towards adopting emerging digital
trends for the younger generation.
The program is currently in its second edition and has already seen an increase in funds of 700% compared to its first edition when little more than 1 million euros were given as grants to the companies in the sector. However, 25 projects were selected to receive the grants.
The
funding by the European Union will be in the form of annual and multi-annual
grants to companies in the sector as a part of the "Recovery,
Transformation, and Resilience Plan," which seeks the digitization and
modernization of all aspects of the Spanish economy.
Video Gaming Market to Boom in Spain
The
Spanish minister of culture, Miquel Iceta, believes that the video gaming
sector will play a significant role in the transformation of the productive model in
Spain. Iceta stated that the
sector "will contribute to
promoting the projects of SMEs (small and medium-sized enterprises) and
self-employed workers, thus consolidating the image of Spain as an audio-visual
hub and also the video gaming sector."
Hence,
all video games in the metaverse will now be considered cultural creations. The
National Library of Spain will now conserve them as Spanish heritage, and they
will be collected to ensure preservation for future generations.
The
immersive experiences sector is the most significant in the country, and video
games are the most popular audio-visual entertainment option in Spain, besides
movies. Iceta is looking to push Spain into a position where it can compete
with other countries in the sector and export its games to other nations. The
Spanish video gaming market is expected to grow 20% annually and is estimated
to reach 2.3 billion euros (USD 2.44 billion) in 2024.
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