1 year ago
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Promoting Metaverse and Web3 Strategy?
It turns out that the UK’s Department of Science, Innovation and Technology is expected to promote the Metaverse (virtual space) and Web3 strategies. Coindesk reported, citing sources familiar with the matter.
The focus will be on exploring economic and investment opportunities and business models related to Web3 and the Metaverse in order to boost economic growth, rather than technical aspects such as blockchain.
The UK reorganized its ministries and agencies in February this year under Prime Minister Rishi Sunak, who understands the latest technologies such as crypto assets (virtual currencies). As part of the cabinet reshuffle, the Department for Science Innovation and Technology was created.
Others include the Ministry of Energy Security and Net Zero, the Ministry of Business and Commerce, and the Ministry of Culture, Media and Sports.
The Ministry of Science, Innovation and Technology has a role to play in promoting innovation that leads to economic growth, improving public services and creating high-paying jobs.
UK investing in cutting-edge technology
In March, the UK announced a government plan with the goal of “making the UK a world science and technology powerhouse by 2030.”
It looks like it has prepared about ¥61.4 billion (£370 million) in new funding to bolster infrastructure and investments for growth technologies, from quantum computers and supercomputing to AI.
In addition, 10 cross-governmental action guidelines have been established, ranging from the pursuit of revolutionary technology to the acquisition of excellent human resources and securing the tools necessary for success. For example, he said he would invest about ¥1.7 billion (£10 million) in a fund to support startups in the science and technology sector.
In the 2023 budget proposal announced in March of the same year, the wording that Web3 will be promoted was also included. A UK government release on the budget includes the following passage:
The government is committed to maximizing the future potential of web technologies, known as Web3 and the Metaverse, to drive growth and innovation in the UK.
At the same time, it empowers individuals over how their data is used and manages the risks to privacy, security, etc.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
NFT plans put on hold
In the UK, former Finance Minister Rishi Sunak, who is known for being proactive in introducing crypto assets (virtual currencies) since October last year, has been appointed as Prime Minister.
During his tenure as Minister of Finance, he advocated making the UK a hub for cryptocurrency technology, and advocated a “sandbox system for financial market infrastructure” and “strengthening competitiveness in the tax system for the development of the cryptocurrency market.” ” and “Cooperating with the Royal Mint on NFTs (Non-Fungible Tokens)”.
In addition, it is reported that the NFT issuance plan will be temporarily abandoned in March.
“Following discussions with the Treasury Department, the Royal Mint will not proceed with the launch of NFT tokens at this time,” Treasury Secretary Andrew Griffiths said in a statement. However, the NFT release proposal has not been completely abandoned and is in a pending state.
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. In addition to being used for exchanging “digital items” in blockchain games, it is also an epoch-making way for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales, as well as proof of ownership of high-priced art works. It is also attracting attention as a means of reduction.
Cryptocurrency Glossary
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