The U.K. government is taking strides to lead the way in the future of web technology with the newly formed Department of Science, Innovation, and Technology.

The department will focus on advancing the country’s metaverse and Web3 strategy, which was highlighted in the country’s 2023 Spring Budget.

The department’s work will look at the potential economic growth opportunities, investment, and business models associated with the metaverse and Web3, as well as their implications for regulation.

Investment bank Citigroup has described the metaverse as a $13 trillion opportunity, but Meta Platforms, formerly known as Facebook, has faced challenges with its growth in the sector due to the recent crypto winter.

The U.K. government’s science and technology framework will receive over £370 million ($463 million) in new funding to boost infrastructure, investment, and skills for exciting growing technologies, including quantum and supercomputing, and artificial intelligence.

The department’s work aims to turn scientific and technical innovations into practical solutions to the challenges faced by the country.