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Only 4% of the companies in Spain have managed to apply the metaverse to their operations, according to a survey conducted by ISDI, a national business school. 40% of the business managers surveyed have admitted that it is difficult for them to bring parts of their business to the metaverse in a significant way.

Metaverse Growing Slowly in Spain

While surveys and estimations by banks and companies have predicted the metaverse will become a big business in this decade, some companies are experiencing problems in bringing their vision to the virtual world. A report presented by ISDI, a Spain-based business school, has shown that moving business models to the metaverse has proven difficult for national companies.

The survey, which centered its focus on business managers, found that less than 4% of the Spanish companies have jumped into the metaverse, even with the buzz that surrounded the ecosystem last year. Furthermore, 40% of the business managers surveyed don’t know how they could harness it for their specific business models.

Also, almost one in four companies recognize that they have trouble understanding the concept, with 14% directly stating they both don’t understand it and have no idea of how to apply it to their operations.

An Evolving Situation

However, even with all the problems regarding it, almost one in every four companies affirm to be in investigative phases that include a metaverse-based initiative. 28% of the companies surveyed recognize the importance of recruiting special talent for these initiatives.

For ISDI’s CEO Rodrigo Miranda, this is a natural part of the evolution that Spanish companies must experience to be able to present their products and services in the metaverse. He stated:

The success and the incursion of Spain, its companies, and professionals in this new universe will depend on the speed with which they can accept, adapt and respond to the radical changes that are coming.

At least at a governmental level, Spain has manifested its commitment to the growth of the sector, supporting companies wanting to take the leap into the metaverse. In December, the Ministry of Culture and Sports of Spain announced it would invest 8 million euros ($8.5 million) in grants for companies developing metaverse-based immersive experiences in the field of video games.

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What do you think about the development of the metaverse in the business sector in Spain? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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