Spain has been characterised as one of the fastest growing countries in the adoption of blockchain technology, investments in the crypto ecosystem and web 3.0.
According to official data from Triple A, it is estimated that around 1.1 million people invest in crypto in the country. Likewise, thanks to recent interventions by different government departments, the crypto community has been strengthened in Spain.
Recently, the Ministry of Economic Affairs and Digital Transformation, through the Secretary of State for Telecommunications and Digital Infrastructure, granted financial aid worth €3.8 million to more than 22 metaverse projects.
The financial support from the government aims to boost the development of technologies such as virtual reality and extended reality in the field of audiovisual production and the video game sector.
The ministry reported that out of the 94 applications received, 22 have been selected. The projects behind these applications are related to emerging technologies, associated with the ‘Web 3’ and the metaverse, and are used for the production of audiovisual content, video games and animation products.
Some of the projects that have benefited from financial support are:
The Game Kitchen, which received more than 389,000 euros, Open Canarias (332,000 euros), Gamelearn (324,000 euros), Uttopion (311,000 euros), BCN Visuals Studio (292,000 euros), Team Training Consulting (230,000 euros), Linking Realities (188,000 euros), One Millionbot (175,000 euros), BIM6D Consulting & Performance (160,000 euros), Visual Technology (143,000 euros), Orange Software (132. 000), Bmat Licensing (130,000 euros), Home Design Labs (126,000 euros), Lastur Bookin (122,000 euros), Bravent (120,000 euros), Ingeniería Logística Tectónica (109,000 euros), Inside Goya (99,000 euros), Invelon Technologies and Yerba Buena VR Europe (95,000 euros each), Nautilus Experiencias Digitales (77,500 euros), Vsion Studio Interactive and Nabegos España (72,000 euros each).
The selected projects are aimed at experimental development and process innovation for immersive content in various fields such as culture, training, technology, industry and patient welfare, among others.
Audiovisual Hub for Spain
The aim of the government aid is to set in motion a plan to create a new Audiovisual Hub for Spain by 2026. The companies that have received aid from the country are distributed in different areas of the country such as Madrid, Aragon, Andalusia, Castilla-La Mancha, the Basque Country and Valencia, among others.
One of the positive aspects of the initiative is that the companies that participated in the project were required to have at least ¼ of their workforce made up of women. In other words, this initiative is encouraging the participation of women in the web 3.0 industry.
In this way, Spain seeks to position itself as one of the fastest growing countries in the European crypto, Web3 and metaverse ecosystem.
Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Source: Beincrypto
