UK to Explore Metaverse Strategies

The UK’s new technology department will explore growth, investment and business opportunities in the metaverse and Web3 spaces, as well as their implications for regulation.

In the country’s Spring 2023 Budget, released in March, it was stated that it sought to pioneer the future of web technology, sometimes referred to as Web3 and sometimes metaverse. The department’s work will focus on potential opportunities, investment and business models associated with concepts such as the metaverse and Web3, rather than focusing on specific technologies such as blockchain and virtual reality. A spokesperson for the Ministry of Science, Innovation and Technology said:

“The government wants the UK to be far above average on the future of web technology. Our teams work to offer a pro-innovation approach and maximize the potential of new technologies. At the same time, it is aimed to minimize the damage to the economy, security and society.“

The UK government also announced that science and technology work will be supported by more than £370m in funding to improve infrastructure, investment and skills, from quantum to artificial intelligence. It is not yet clear how much of this money will go towards the tech department and metaverse work. Prime Minister Rishi Sunak, who previously promised to transform the country into a crypto hub, stated that the ministry will use scientific and technical methods to offer practical solutions.

The metaverse, a community of virtual worlds where people can buy and sell things, has been described as a $13 trillion opportunity by investment bank Citigroup. Meta, formerly known as Facebook, has focused most of its operations on creating the metaverse despite the crypto winter.