Spain to provide metaverse venture grants

The Spanish government has said that it will launch a number of grants and other forms of financial assistance to encourage the growth of activities related to the metaverse.

According to a report, the Spanish government is looking to offer grants to companies and individuals who meet certain criteria in order to encourage the development of metaverse projects. These criteria include meeting certain requirements. The ministry in charge of the program, which will be overseen by the Ministry of Economic Affairs and Digital Transformation, has the intention of allocating more than $4 million in grants to various organizations.

Companies and people in the European Union who are working on projects relevant to the metaverse will be eligible to receive grants from the initiative

In order to be considered for an award, prospective recipients are required to provide the government with a strategy for their project as well as an explanation of the goals for its establishment. In order to be eligible for the grant, potential beneficiaries are required to have at least 25 percent of their organization comprised of female members.

According to the source, the first group of funds will be intended solely for the gaming and entertainment industry. However, the ministry is working on a process that will include grants for projects that use more experimental technology, such as virtual, augmented, and extended reality. This process is expected to be completed in the near future.

The Spanish government projects that the value of the metaverse will be greater than one billion dollars by the year 2026 and is working to position the country to profit from its continued growth.


Image credits: Shutterstock, CC images, Midjourney, Unsplash.