Newly Established Department to Spearhead UK’S Metaverse and Web3 Initiatives

The United Kingdom(UK) has recently inaugurated a science, innovation, and technology department. This is to reinforce its position as a frontrunner in emerging technologies like the metaverse and web3. An undisclosed source revealed that this department would lead the country’s endeavors in these cutting-edge fields.

The Spring Budget of 2023 shows the United Kingdom’s government has shown a keen interest in the evolution of web technology, particularly in the field of web3 or the metaverse. In line with this objective, the newly formed department established in February will spearhead the country’s initiatives.

Rather than focusing solely on specific technologies like blockchain and virtual reality, the department aims to explore the economic prospects, and investment opportunities, with the web3 and metaverse-related business models. According to the source’s divulgence, regulatory considerations related to these innovative concepts will also fall under the department’s purview.

The investment bank Citigroup has estimated that the metaverse, which consists of virtual environments where users can buy and sell goods and services, has a market value of $13 trillion. Meta, formerly known as Facebook, has entered this space by allocating a significant portion of its resources to metaverse development.

The UK Government Funding

The recent decline in the cryptocurrency market has impeded its progress. The UK government has recently announced additional funding of over £370 million (roughly $463 million) for its science and technology framework. This funding aims at bolstering its infrastructure, investment, and skills in various emerging technologies such as quantum computing, supercomputing, and artificial intelligence.

How much of this funding will go to the tech department and its metaverse initiatives is unclear. Prime Minister Rishi Sunak has previously expressed his ambition to establish the UK as a crypto hub. The Prime Minister explained that the creation of this department aims to translate scientific and technological advancements into practical solutions that can address critical issues.

The featured image is from news.coincu.com