The Metaverse is experiencing robust growth, propelled by widespread support from various industry stakeholders. Notably, industry leaders such as Grayscale Investments predict that the Metaverse will burgeon into a $1 trillion industry.
This surge in interest is not confined to corporate entities alone; countries are also actively positioning themselves in the forefront of the Metaverse race.
The Spanish government, recognizing the transformative potential of the Metaverse, has initiated measures to accelerate its adoption within the country. The decisions made by Spain, particularly in the virtual world of Decentraland, reflect a proactive stance, positioning the nation as a key player in the evolving landscape of the Metaverse.
Could Decentraland Coming to Spain?
The Spanish government has outlined plans to amplify the development of Metaverse-related projects, introducing incentive and grant programs totaling $4 million. The responsibility for overseeing these initiatives falls under the jurisdiction of the Ministry of Economy and Digital Transformation.
Notably, these incentives are not limited to projects developed solely within Spain; developers undertaking Metaverse projects within the European Union can also avail themselves of the same opportunities. Moreover, a noteworthy inclusion is the stipulation that 25 percent of project participation must involve women.
As reported by AMB Crypto, this initiative could serve as a significant catalyst for Decentraland in Spain. While Decentraland has experienced a recent slowdown in momentum, with LAND sales declining since January, the injection of government support might reinvigorate the platform.
Approximately six months ago, LAND sales reached a pinnacle at $6 million, but by June, total sales had dwindled to less than $690,000.
This trend is also evident in Dune’s graph comparing Sandbox and Decentraland, underlining the challenges faced by Decentraland recently. However, with the Spanish government’s backing and the inclusivity measures incorporated into the incentive program, there is potential for a resurgence in Decentraland’s prominence within the Metaverse landscape.
LAND prices in Decentraland have experienced a noticeable decline. In January, these lands were valued at $6,000, but they have since decreased to approximately $3,000. The chart below illustrates the monthly average sales prices of Decentraland lands, showcasing the downward trend in recent months.
Reviewing the sales figures, it’s evident that as of July 16, a total of 371 plots have been sold in July. The current downturn in Decentraland’s performance may find a turnaround if Spain chooses to collaborate with the platform.
It’s important to note that as of now, there is no official information available on this matter. In the upcoming days, we will collectively observe whether Spain’s metaverse plan has the potential to revitalize Decentraland.
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