The UK Still Has Big Plans for The Metaverse and Web3

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    Quick take:

    • The New Technologies Department was asked to work on the country’s metaverse and web3 strategy.
    • This comes just weeks after Treasury Secretary Andrew Griffiths confirmed that the Royal Mint would not go ahead with plans to process NFTs.
    • The new directive wants the technology sector to explore business opportunities in Web3 and the Metaverse, an anonymous source told CoinDesk.

    The UK Department of Science and Technology is tasked with developing strategies to explore opportunities in the metaverse and web3. The newly created department will assess how to drive economic growth through investment and the impact of regulation, taking advantage of fast-growing industries.

    The UK’s spring budget announced in March indicated that the government wanted to “lead the future of web technology, also known as Web3 or the Metaverse,” according to an individual familiar with the matter. CoinDesk reported.

    A new tech sector, which was institutionalized in February, will be responsible for carrying out this mission, and rather than focus on emerging technologies such as blockchain and virtual reality, it will be linked to web3 and the metaverse to boost economic growth. We aim to take advantage of the economic and investment opportunities and business models that said an anonymous source.

    The UK government has provided the Department of Science and Technology with more than GBP 370 million (approximately $463 million) to explore opportunities in emerging technologies such as quantum computing, supercomputing and artificial intelligence. We plan to help develop a robust infrastructure.

    The report also follows the government’s decision to cancel the Royal Mint NFTs announced by Prime Minister Rishi Sunak, who was Finance Minister at the Ministry of Finance last April.

    On March 28, Treasury Secretary Andrew Griffiths confirmed that the Royal Mint will not go ahead with plans to process NFTs.

    This seemed to throw a damper on the UK’s pro-crypto stance, but based on recent developments, it looks like a change of approach. Governments now seem more interested in exploring web3 and metaverse use cases that could help drive economic growth rather than launching NFTs or blockchain products.


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