Spain's Ministry of Culture and Sports decided to allocate 8 million euros, or almost $9 million, to bring a transformative industry of video games and metaverse into the scene.
The country is expected to give grants for the upcoming program in line with the "Recovery, Transformation, and Resilience Plan." It is expected that it will kick off next year.
Metaverse and Gaming Industry in Spain
Spain will spend almost $9 million in grants to develop projects related to the metaverse and gaming.
Cultural development does not merely rely on improving the trend of the tradition and going outside the norm of a community. It also tackles how a person or an organization develops the track for gaming and metaverse ventures.
According to a report by Bitcoin.com, Spain aims to increase its current funding by 700% to bring what's best to the whole video game and metaverse industry.
During the first wave of the program, Spain announced that 25 projects would benefit from the grants.
The European Union will be the one to provide the funds. Those companies in the said industries will be supplied with annual or multi-year grants as part of the country's goal.
Spain targets to stretch its economy by exploring options to innovate and modernize its current economic stance. Just like other countries, it's now heading towards establishing its name in the field of the metaverse.
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Why Spain Wants to Invest in Metaverse and Video Game Industry
The gaming industry has become an integral piece of development these days. Some companies keep on delivering various games to the table to cater to the leisure needs of the people.
It's not just about recreation since this aspect is more than that. Miquel Iceta, the minister of culture of Spain, says that these grants can help self-employed workers and even SMEs (small and medium-sized enterprises) promote what they could offer consumers.
Additionally, Iceta notes that Spain envisions being a center of video games in the future. The country is investing heavily to be a go-to place for gamers and developers someday.
Speaking of culture, the metaverse experience will now become a part of the existing industry in Spain.
If we only see the historical artifacts and stuff in the library or museum before, Spain might include some digital collections related to the metaverse nowadays. This is to ensure that future generations can see the digital age and its importance to cultural heritage.
Another important part of the program is how the Spanish video game market can boom in the next few years. It is projected the country will experience a 20% annual growth in the industry by 2024.
Indeed, the metaverse and the gaming sectors continue to improve each year around the world. Facebook, for instance, has confirmed that it will direct 20% of spending to Reality Labs as part of its metaverse plans, Bloomberg reports.
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