The legislature of Spain has reported that it will give a progression of awards and monetary guide to spike metaverse-related improvements.

According to a report by Bitcoin.com News, the Spanish government is looking to boost the improvement of metaverse projects by offering awards to organizations and people who meet specific models. The public authority means to commit more than $4 million in awards under the program, which will be overseen by the Ministry of Economic Affairs and Digital Transformation.

The awards will be granted to organizations and people who are chipping away at metaverse-related projects in the European Union. Potential awardees should give the public authority an arrangement for their undertaking and a clarification of objectives for its creation. Potential beneficiaries should likewise have somewhere around 25% of their association be addressed by ladies to apply for the award.

The report asserts the underlying cluster of awards will be committed explicitly to the gaming and amusement area. Nonetheless, the service is dealing with an interaction that will incorporate awards for projects utilizing more trial innovation, including virtual, expanded and broadened reality.

The Spanish service assesses that the metaverse will be worth more than $1 billion by 2026, and is trying to profit by its developing turn of events.

In an examination report delivered last November, Grayscale Investments (“Grayscale”), an auxiliary of Digital Currency Group, said that “the market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”

Grayscale’s 19-page research report (named “The Metaverse: Web 3.0 Virtual Cloud Economies”) was composed by Head of Research David Grider, Head of Endlessly research Analyst Matt Maximo.

Grider and Maximo began by making sense of what they mean by the term metaverse:

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