Spain Allocates $8.5 Million for Metaverse Development

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  • Spain has pledged $8.5 million for metaverse and video game development
  • The move is part of the country’s larger plan focused on recovery and transformation
  • The funds will be given in form of grants to gaming and metaverse-focused projects

Spain has allocated $8.5 million for metaverse and game development. The funds will be disbursed as grants to gaming and metaverse-focused projects starting next year. The move is part of the country’s ‘Recovery, Transformation, and Resilience’ plan and is an indication that Spain sees significant economic value in the virtual world in the decades ahead.

Video Games Contribute to the Digital Transformation

The fund allocation represents a 700% increase from the last allocation which didn’t give room for metaverse-based projects. According to the country’s Minister of Culture and Sports Miquel Iceta, the investment will promote SMEs and provide employment. Iceta added that the video game sector is “one of the key industries of the 21st century, due to its enormous growth potential and its contribution to the digital transformation.”

Spain is also considering reforming its Legal Deposit Law to accommodate metaverse-based video games as cultural creations and placed under the watch of the country’s national library for long-term preservation.

$2.44 Billion Valuation in Two Years

The country considers video games a critical driver of its digital economy. In Spain, Video games are the preferred form of entertainment, putting the industry on the road to a $2.44 billion valuation before the end of 2024. Last year, the country sold close to seven million video games and one million game consoles.

Spain’s decision to drill more funds into video games and the metaverse coincides with a recent report indicating that investors are putting more money into metaverse and Web 3.0 games. It also comes when top metaverse games such as The Sandbox are partnering with blockchain security firms to enhance gamers’ security, projecting a bright future for the virtual world.