The United Kingdom has recently launched a department focused on science, innovation, and technology to drive advancements in the rapidly evolving fields of the metaverse and web3, with the goal of becoming a global leader in these cutting-edge technologies.
According to a confidential source, the United Kingdom has established a new department dedicated to science, innovation, and technology to lead the way in the development of the metaverse and web3.
As part of the 2023 Spring Budget announced in March, the U.K. government expressed its ambition to take a leading role in the advancement of web technology, commonly known as web3 or the metaverse. The newly formed department, established in February, will spearhead these efforts.
Rather than focusing solely on specific technologies like blockchain and virtual reality, the department will explore the potential for economic growth, investment, and innovative business models related to the metaverse and web3. Regulatory implications of these concepts will also be examined, as revealed by the source.
In addition, the U.K. government has pledged over £370 million (approximately $463 million) in additional funding for its science and technology framework. This financial support aims to improve infrastructure, investment, and skills in various emerging technologies, including quantum computing, supercomputing, and artificial intelligence.
The exact amount of funding allocated to the tech department and its metaverse initiatives remains uncertain. Prime Minister Rishi Sunak, who has vowed to transform the U.K. into a crypto hub, stated that the department’s establishment is intended to translate scientific and technological breakthroughs into concrete solutions for pressing challenges.
For more information on the metaverse and web3, you can check out the Metaverse showcase & awards at the global leadership summit in Monaco. The metaverse, a collection of virtual environments where users can buy and sell goods and services, has been identified as a $13 trillion market by investment bank Citigroup. Meta, formerly known as Facebook, has also entered this space by shifting its focus towards metaverse development, despite facing challenges due to the recent cryptocurrency market downturn.
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