Countries with the highest Metaverse Strategies

The metaverse is a virtual world that connects users with an immersive and interactive experience. It is rapidly emerging as the next frontier of digital technology. As more and more companies invest in this space, it’s becoming increasingly clear that some countries are ahead of the curve regarding metaverse strategies.

USA

The metaverse has recently become a greater priority for the United States of America. In 2022, the US Congress enacted the recent CHIPS and Science Act. It provided billions of dollars in funding for the XR and metaverse ecosystem. Meta, among other companies based in the US, has launched “creator funds” to support developers who are just beginning to enter the metaverse space. Additionally, some cities in the US have begun investing in metaverse adoption and exploring the use of blockchain in public services. These cities include Downtown Santa Monica, Austin, Miami, and New York.

When it comes to the CHIPS and Science Act, the stakes couldn’t be higher. pic.twitter.com/d41DP3gpcz

— Secretary Gina Raimondo (@SecRaimondo) March 21, 2023

South Korea

South Korea recently disclosed a metaverse-based online version of the city, providing users access to various resources and public services in a virtual reality landscape. Users can read documents, enjoy attractions, consult with professionals, and engage with other community members. This marks a significant step forward in South Korea’s efforts to leverage the metaverse to improve public service delivery and enhance civic engagement.

Barbados

In 2021, Barbados established a diplomatic presence in the metaverse by opening an embassy in Decentraland. Barbados has already agreed with Decentraland but plans to open virtual embassies in other virtual environments. This online space aims to unite people via shared activities like shopping, live music, and easy communication.

Spain

Spain’s government provides grants to metaverse innovators and technology startups. In December 2022, Spain’s Ministry of Culture allocated approximately $8.5 million to companies that create metaverse experiences and video games linked to Web 3.0. Those involved in metaverse technology research and development in Spain and the EU are eligible for the funds.

China

In 2022, the Shanghai government proposed a $52 billion initiative to build a metaverse economy. The plan aims to house around ten leading metaverse enterprises. Moreover, it aims to support 100 metaverse-related results. The proposal did not show how much investment would cost. This ambitious initiative could position Shanghai as the epicenter of the metaverse world. The document highlighted that other technologies like AI and 5G would require additional investment to meet the metaverse targets.

As the metaverse continues to evolve, countries with well-crafted strategies for innovation and economic growth will be the ones to thrive in this space. China, Barbados, Spain, and the US are some countries leading in the metaverse landscape.

These countries are positioning themselves as key players in this emerging field with investments in research and development, special funding, and public-private partnerships. Other countries may soon follow their lead.

The featured image is from xrtoday.com