The United Kingdom has launched a department of science, innovation, and technology to bolster its efforts in the rapidly evolving metaverse and web3 sectors, aiming to become a global leader in these cutting-edge technologies.
The United Kingdom has established a new department of science, innovation, and technology to spearhead its initiatives in the metaverse and web3, according to an insider who wishes to remain anonymous.
As part of the 2023 Spring Budget unveiled in March, the U.K. government expressed its desire to play a leading role in the evolution of web technology, often referred to as web3 or the metaverse. The recently formed department, created in February, will be at the forefront of these efforts.
Instead of concentrating on specific technologies such as blockchain and virtual reality, the department will explore the potential for economic expansion, investment, and innovative business models relating to the metaverse and web3. The department will also examine the regulatory implications of these concepts, as per the informant’s disclosure.
The metaverse, a compilation of virtual environments where users can trade goods and services, has been identified as a $13 trillion market by investment bank Citigroup. Meta, previously known as Facebook, has ventured into this domain by redirecting much of its resources towards metaverse development.
However, the recent downturn in the cryptocurrency market has somewhat hindered its growth.
The U.K. government has announced that its science and technology framework will receive over £370 million (approximately $463 million) in additional funding. This financial support aims to enhance infrastructure, investment, and skills across various emerging technologies, ranging from quantum computing and supercomputing to artificial intelligence.
The exact portion of these funds allocated to the tech department and its metaverse initiatives remains uncertain. Prime Minister Rishi Sunak, who earlier pledged to transform the U.K. into a crypto hub, stated that the establishment of the department is intended to convert scientific and technological breakthroughs into tangible solutions addressing pressing challenges.