Spain invests in video game and metaverse industries with 8 million Euro grant

The Ministry of Culture and Sports of Spain has announced a grant of 8 million Euros towards the development of video games and narrative metaverse experiences. This program is part of the Spanish "Recovery, Transformation, and Resilience Plan" which aims to digitize and modernize the Spanish economy.

The grant represents an increase of 700% compared to its initial budget, and the funds will be delivered in yearly or multi-yearly grants to support the growth of the video game and metaverse industries in Spain. This marks a significant step forward in the recognition of video games and metaverse experiences as cultural creations in the country.

Spain is home to a thriving gaming community, with 83% of the population – a total of 31.7 million people – being gamers. The video game industry in Spain generates approximately 1.4 billion Euros per year, making it a significant contributor to the country's economy.

Other countries, such as Korea, have already invested in the metaverse industry, and Spain's commitment to supporting the growth of these industries is a welcome development. By investing in the video game and metaverse sectors, the Spanish government is not only supporting the growth of these industries but also the creativity and talent of the country's developers and creators.

Image source: Getty

The Ministry of Culture and Sports grant will provide crucial support for developing new and innovative video games and metaverse experiences in Spain. It is expected that the funds will be used to support the creation of new jobs and opportunities in the industry, as well as to promote the growth and development of existing businesses.

The grant is part of a wider effort by the Spanish government to modernize and digitize the country's economy, and it is hoped that the investment in the video game and metaverse industries will drive economic growth and innovation in the country.

What does this mean?

In recent years, the concept of the metaverse – a virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented realities, and the internet – has gained significant attention and investment from governments and businesses around the world.

Countries such as Korea and China have already made significant investments in the metaverse industry, with the Korean government committing over 233.7 billion won($177 million) to support the development of the metaverse industry in the country. Similarly, China's government has also recognized the potential of the metaverse as a key growth industry and has established a number of initiatives and programs to support the development and growth of the industry in the country

Image source: Blockworks

The Spanish government's decision to invest 8 million Euros in the video game and metaverse industries is a welcome addition to the growing global effort to support the development and growth of these emerging technologies. It is expected that the grant will help to drive innovation and economic growth in Spain, and will contribute to the country's positioning as a leader in the global metaverse industry.

Final Thoughts

Overall, the grant of 8 million Euros towards the development of video games and metaverse experiences is a positive step forward for the industry in Spain.

It is expected that the funds will be used to support the growth and development of the industry and to encourage the creation of new and innovative experiences for gamers and metaverse users in the country.