Metaverse in the Air: Spain is Funding Web3 Projects and More

According to its new initiative, small- and medium enterprises and freelancers in Spain and other EU member states are eligible for a grant aimed at developing experimental projects relating to Web 3 and the metaverse. 

The total pool of funds available is 3.8 million euros, with the Ministry of Economic Affairs and Digital Transformation emphasizing that this call focuses on companies that produce immersive content in the audiovisual industry and the video game sector.

This initiative is part of the 2026 Digital Spain strategy that plans to turn the state into an Audiovisual Hub. The Ministry expects the metaverse’s worth to exceed one billion dollars worldwide in 2026 while also creating virtual and augmented reality. The country’s goal is to increase the actors’ competitiveness and capitalize on new business opportunities. It also looks to engage more women, requiring that their presence makes up at least 25% of the team.

The applications may be submitted between August 4 to 1:00 p.m. – August 31, 2022. 

Spain’s initiative plays into the ever-growing popularity of the metaverse. In Catalonia, officials are planning to create a so-called Cataverse, turning the region, particularly Barcelona, into a technological hub with a focus on providing university students with digital-themed programs and courses in order to grow a new generation of talents. 

Dubai has also recently unveiled a metaverse of its own, enabling people to access governmental institutions and departments in the virtual world.

Big companies like Gucci are not lagging behind. Recently, the brand welcomed everyone in Gucci Town, noting that “surprises await as Alessandro Michele’s vision transforms into a played story, with the Gucci Community as the main character. Journey through each space to create, connect, and collect, the Gucci way in this ongoing experience.”