UK Government Promotes Metaverse And Web3 Development Strategy

Key Points:

• The UK Department of Science, Innovation, and Technology will drive the country’s metaverse and Web3 strategy.
• The spring 2023 budget will be used to drive the future of Web3 or Metaverse technology.
• The department will focus on looking at potential economic growth opportunities, investment and business models, and regulatory implications related to concepts such as Metaverse and Web3.

The newly established UK Department of Science, Innovation, and Technology will drive the country’s metaverse and Web3 strategy, people familiar with the matter revealed to Coindesk.

The UK’s spring 2023 budget, published in March, said the government wanted to “lead the future of web technology, sometimes referred to as Web3 or Metaverse”, and a new technology division was established in February and will be in charge of this work.

“The Government is committed to deliver the UK is ahead of the curve on the future of web technology and maximizing the potential of Web3 and Metaverse,(…). Across the board, our teams are working to deliver a pro-innovation approach, maximizing the potential of new technologies while minimising any harms to the economy, security, and society.”

A Department for Science, Innovation and Technology said.

The source said the ministry’s work would not focus on specific technologies such as blockchain and virtual reality but will look at potential economic growth opportunities, investment and business models, and regulatory implications related to concepts such as Metaverse and Web3.

It needs to be clarified how much of that money has gone toward the tech division’s work on the metaverse. However, the UK government has stated that more than 370 million British pounds ($463 million) in new funding will support its science and technology framework to increase infrastructure, investment, and skills for the country’s most exciting emerging technologies, ranging from quantum and supercomputing to artificial intelligence.

According to a report by Grand View Research, the metaverse ecosystem is expected to grow to a market size of $678 billion by 2030. The market is valued at $39 billion by 2021 and should be able to pick up the pace. CAGR is 39% in just one decade. Therefore, the metaverse impact on the economy is expected to increase in the near future.

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