Metaverse is based on virtual and augmented reality. It’s a virtual world, where people can interact, communicate, and work, using digital avatars. Experts have different opinions on the metaverse future. Some consider it as an Internet successor and predict the prospective future. Others have more cautious opinions and point out possible issues with privacy violations and confidential information leaks.
This innovative concept is invested the most by worldwide companies, like Facebook (Meta), Apple, Tencent, Roblox, Unity, etc.
In 2022, the metaverse global market is estimated at 110 USD billion. Global Industry Analysts predict global metaverse market cost will have increased to 758 USD billion by 2026.
Naturally, prospects of metaverse development spark interest both in private companies and countries’ governments around the world.
Metaverse investment in the United Arabian Emirates (Dubai)
This year, Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, the crown prince of Dubai and chairman of the Dubai Executive Council, announced the launch of the new city metaverse strategy. The main purpose of the strategy is to improve Web3 technology, develop new apps, create new government work, and develop these important fields, like tourism, healthcare, education, retail, law, and remote work.
Metaverse strategy aims to contribute to the national budget a billion USD and create 40 thousand new workplaces.
“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500m to our national economy”, the prince said. “With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global front-runner in adopting digital solutions”.
Metaverse investment in Spain
Spain’s government has contributed 3,8 USD million to support small and medium-sized businesses, that work at experimental creation in the metaverse and Web3 fields. The state ministry of economy and digital transformation said the first money will be transferred to companies that produce new content in the gaming and audiovisual industry.
The government’s financial aid is part of the program for the development of Spain as an audiovisual industry center. This program is part of the strategy Digital Spain 2026.
Metaverse support in China (Shanghai)
In July, the government of Shanghai, China’s biggest city by population, issued the document, which contains plans of turning the city into an important center of metaverse industry worth 52 USD billion by the end of 2025.
This plan also includes the development of 10 companies, that have a chance to compete in the international market, and the foundation of 1000 new enterprises, which will work in the metaverse industry.
Metaverse support in South Korea
The Korean government will start to invest 177 USD million in metaverse development. The main investment purpose is to kickstart the national metaverse industry and the development of new companies that work on VR and Web3. That was announced by the minister of science and information and communication technologies of South Korea, Lim Hyesook. According to him, the metaverse is «an uncharted digital continent with indefinite potential».
The investment is a part of the new state’s main course to engage its citizens to do a full transition into digital reality. Korean metaverse will look like «an extended virtual world» with additional media and education sectors.
The metaverse is a new concept, which is in the early development stages. Nevertheless, many countries’ governments around the world are interested in this innovation, since the metaverse gives new possibilities to prospective business fields and creates new workplaces.