Spain Will Provide 8 Million Euros in Grants to Develop Video Game and Metaverse Experiences

Spain Will Provide 8 Million Euros in Grants to Develop Video Game and Metaverse Experiences

The Ministry of Culture and Sports of Spain has decided to direct 8 million euros ($8.5 million) toward the development of video games and narrative metaverse experiences. The program, part of the Spanish “Recovery, Transformation, and Resilience Plan” will give grants directed to incubate projects in these areas in 2023. Spain Directs 8 Million Euros to Help the Metaverse and Video Game Ecosystem

Video games and metaverse experiences are starting to be considered in the cultural plans of some key states around the world. The Ministry of Culture of Spain has decided to direct 8 million euros ($8.51 million) for the development of video games and metaverse experiences, as the organization recognizes the value of these industries for the country.

The program, which is currently in its second wave, increased the funds by 700% compared to its first wave when little more than 1 million euros were destined to help companies in the sector. However, 25 projects were selected to enjoy these grants at that time.

The funds, to be provided by the European Union, will be delivered in the form of yearly or multi-yearly grants to companies in the sector as a part of the “Recovery, Transformation, and Resilience Plan” that seeks the digitization and modernization of all aspects of the Spanish economy. Other countries, such as Korea, have already directed funds for metaverse investments. Importance of Video Games and Metaverse

To the minister of culture of Spain, Miquel Iceta, the video game industry has a big part to play in the transformation of the Spanish productive model. About these grants, Iceta stated they “will contribute to promoting the projects of our SMEs [small and medium-sized enterprises] and our self-employed workers, thus consolidating the image of Spain as a reference audiovisual hub, also in the videogame sector.”

As part of this commitment, video games, as metaverse experiences, will now be considered cultural creations. This means that now the National Library of Spain will have to conserve these as Spanish heritage, and they will be collected to ensure preservation for future generations.

The immersive experiences sector is significant in the country, where video games are the most popular audiovisual entertainment option in Spain, leaving movies behind. This is why Iceta wants to put Spain in a spot where it can compete with other countries in the industry and export its games to other nations. The Spanish video game market is also expected to grow 20% yearly, so its size might cross the 2.3 billion euro ($2.44 billion) mark in 2024. Tags in this story and Resilience Plan, audiovisual entertainment, Metaverse, Ministry of Culture of Spain, miquel iceta, recovery, Spain, Transformation, videogame

What do you think about the grant programs offered to the metaverse and the video game industry by Spain? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs METAVERSE | 2 days ago Meta VR Consultant John Carmack Leaves Company; Criticizes Inefficiencies of VR and Metaverse Projects METAVERSE | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHackless Offers Sandwich Attack Protection for BSC and Ethereum Networks Next articleBitcoin, Ethereum Technical Analysis: BTC Briefly Above $17,000 Ahead of US Consumer Confidence Report Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether