The Metaverse and Web3 Strategies of the Country Will Be Addressed by the UK’s New Technology Department
Along with looking into the potential regulatory effects, the department will also look at the chances of economic growth, investment prospects, and business opportunities.
According to a source with knowledge of the situation who was not authorized to publicly comment, the newly established U.K. Department of Science, Innovation, and Technology will push the country’s metaverse and Web3 strategies.
UK metaverse budget
In its March announcement of the country’s Spring Budget for 2023, the government declared its intention to “lead on the future of web technology, sometimes known as Web3 or the metaverse.” The newly created department of technology, which was founded in February, will be in charge of this project. The department’s focus won’t be on particular technologies like blockchain and virtual reality, but rather on potential business opportunities, investment opportunities, and regulatory implications related to ideas like the Metaverse and Web3.
The metaverse, a collection of virtual worlds where people can purchase and sell goods, has been described by Citigroup as a $13 trillion opportunity. Formerly known as Facebook, Meta entered the market and shifted the majority of its operations to the development of the metaverse. However, its expansion has been halted by the recent crypto cold.
More than 370 million British pounds ($463 million) in new funding will be provided to the U.K. government’s science and technology framework, as stated in the announcement, “to boost infrastructure, investment and skills for the U.K.’s most exciting growing technologies, from quantum and supercomputing through to artificial intelligence.”
It is unknown how much of this money has been given for the metaverse projects of the technology division. The department was founded, based on Prime Minister Rishi Sunak, who had earlier promised to turn the country into a centre for the crypto industry, to turn scientific and technological advances into “practical solutions to the challenges we face.”
Content Source: coindesk.com