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The UK is about to embrace a new digital era with the Metaverse and Web3. With funding of over £370m, the brand new Department of Science, Innovation and Technology is ready to explore these emerging areas in full, including regulatory implications.
A few weeks ago, the United Kingdom announced the abandonment of its NFT emission project. However, this has not dampened its ambition to position itself as a leader in emerging fields. On the contrary, London plans to go deep into the Metaverse and Web3.
According to the representative of the Ministry of Science, Innovation and Technology, the British government is committed to staying at the forefront of web technology by maximizing the potential of Web3 and the Metaverse.
For this, it has allocated over £370 million to the new Department of Science, Innovation and Technology. This department’s mission is to explore the economic, investment and business opportunities of these emerging areas, as well as the regulatory implications.
« The UK government is determined to get a head start on the future of web technology by exploring the economic and commercial opportunities of the Metaverse and the Web3“said a spokesperson.
The Metaverse represents a virtual world created by the interconnection of several online universes, providing an immersive experience in which users can interact and trade in a virtual environment.
Citigroup estimates that the Metaverse represents a $13 trillion economic opportunity by 2030, a promising market for companies wishing to embark on this adventure.
The new UK department will focus on the economic and commercial opportunities of the Metaverse and Web3, not limited to specific technologies such as blockchain and artificial intelligence.
It will explore the innovative business models, investments and regulatory implications of these new technological areas. In short, the UK is up to the challenge!
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Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make that possible.
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