Spain Bets Bigger on Video Games and Metaverse Industries with 8 Million Euro Grant

The European Union will issue the allocated funds in the form of yearly or multi-yearly grants to support Spanish firms working in the video games and metaverse industries.

Dec 27, 2022
by Akira Ming
Spain Bets Bigger on Video Games and Metaverse Industries with 8 Million Euro Grant
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Video games and the metaverse are playing a vital role in Spain

The Ministry of Culture and Sports of Spain has recently announced an 8 million Euro grant to foster the development of video games and metaverse experiences. This program is part of the country's "Recovery, Transformation, and Resilience Plan," which aims to digitize and modernize the Spanish economy.

According to reports, this program is now live in its second phase. Funds allocated this time grew by 700% compared to its first wave, which saw less than 1 million Euros issued to support the initiative. 

The European Union will deliver these funds in the form of yearly or multi-yearly grants to support the growth of the video game and metaverse sectors in Spain. This marks a huge step forward in recognizing the vital role of video games and metaverse experiences in boosting the nation's economy. 

According to Spanish Video Game Association (AEVI), more than 76% of Spanish aged 6 to 24 years old consider themselves gamers. 18.1 million people in Spain spend more than 8 hours a week playing games, with 73.3% saying that they play at least once per week. Based on these figures, it's not hard to tell that Spain is home to an active gaming community. 

Miquel Iceta, the Minister of Culture of Spain, believes that gaming in general has a big part to play in transforming the country's economic model. According to Iceta, these grants "will assist in developing the initiatives of our SMEs [small and medium-sized companies] and our self-employed people, thereby cementing the image of Spain as a benchmark multimedia center, including in the gaming industry."

With that, video games, as well as metaverse experiences, are now considered cultural creations in Spain. The National Library of Spain will conserve these as Spanish heritage, preserving them for future generations.

Other nations, such as Korea and China, have also invested in the metaverse industry. As this emerging tech continues to grow and attract more attention, more countries are expected to jump the metaverse train to drive economic growth. 

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