The development of video games and narrative metaverse experiences will receive 8 million euros ($8.5 million) from the Spanish Ministry of Culture and Sports.
In 2023, the program—which is a component of the Spanish “Recovery, Transformation, and Resilience Plan”—will provide grants to initiatives that will serve as incubators for these areas.
Spain allocates 8 million euros to support the video game industry and metaverse
The cultural plans of various significant states throughout the world are starting to take video games and metaverse experiences into account.
Recognizing the importance of these sectors for the nation, Spain’s Ministry of Culture has chosen to allocate 8 million euros ($8.51 million) for the creation of video games and metaverse experiences.
As part of the “Recovery, Transformation, and Resilience Plan,” which aims to digitize and modernize every element of the Spanish economy, the funds, to be granted by the European Union, will be given to enterprises in the industry as yearly or multi-yearly awards.
According to Spain’s Minister of Culture, Miquel Iceta, the development of the Spanish production model depends in large part on the video game industry.
As part of this commitment, video games will henceforth be seen as cultural works as metaverse experiences.
The market for immersive experiences is important in Spain, since movies are no longer the most popular audiovisual entertainment choice.
Because of this, Iceta intends to position Spain so that it can compete with other nations in the business and export its games abroad.