The U.K.’s recently formed Department of Science, Innovation and Technology is set to lead the country’s metaverse and Web3 strategy, according to an unnamed source familiar with the matter.
The department’s work will focus on potential economic growth opportunities, investment, and business models associated with concepts like the metaverse and Web3, along with their implications for regulation.
The move comes after the U.K. government’s 2023 Spring Budget stated its intentions to “lead on the future of web technology,” with the new tech department set up in February to spearhead the initiative.
While investment bank Citigroup values the metaverse at $13 trillion, it remains to be seen how much of the £370 million in new funding for science and technology will be allocated to the department’s metaverse work.
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