UK launched a division of science, innovation and technology to enhance its efforts in The metaverse and web3 sectors are rapidly evolving, aiming to become global leader in these cutting-edge technologies.
Established the United Kingdom new to divide of science, innovation and technology to lead its initiatives in metaverse and web3, according to an insider who wants to remain unknown.
as part of Disclosure of the spring budget for 2023 in March, UK government She wished to play a leading role in Development of web technology, often referred to as web3 or metaverse. Recently formed department, created in February will be ahead of these efforts.
instead of of the focus on specific technologies Like the blockchain and virtual realityThe department will explore the potential for Economic expansion, investment and innovation business models related to the metaverse and web3. section will also study regulatory Ramifications of These concepts are according to the informant’s disclosure.
Metaverse, compilation of virtual environments where users trade Goods and services, 13 trillion dollars has been identified market by investing bank Citigroup. Meta, formerly Facebook, has ventured into this field by forwarding a lot of their resources towards the metaverse development.
However, the recent downturn in cryptocurrency market Somewhat hampered growth.
United kingdom government he have announced This is it science And technology framework you will receive over 370 million pounds sterling (about 463 million dollars) in additional funding. this financial support It aims to promote infrastructure, investment and skills Ir various Emerging technologiesranging from quantum computing and supercomputing to artificial intelligence.
selected part of This money is intended for tech department and its metaverse initiatives remains Uncertain. Prime Minister Rishi Sunak, who I pledged earlier to transform The United Kingdom’s Cryptography Center, the Foundation stated of The department aims to transform scientific and technological breakthroughs into tangible solutions to address stress challenges.
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