The Spanish Ministry of Culture has decided to invest 8 million euros in the development of video games and metaverse experiences, recognising the importance of these industries to the country.
The programme, which is currently in its second wave, increased the funds by 700% when compared to its first wave, when only a little more than 1 million euros were earmarked to assist companies in the sector. However, only 25 projects were chosen to receive these grants at the time.
The funds, which will be provided by the European Union, will be distributed to companies in the sector as part of the “Recovery, Transformation, and Resilience Plan,” which aims to digitize and modernize all aspects of the Spanish economy. Other countries, such as Korea, have already directed funds to the metaverse.
(Reporting by Shikha Singh, Editing by Kapil Rajaygopal)
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