South Korea Will Invest $187M in A National Metaverse Initiative.
The South Korea government will provide $186.7 million to the development of a Metaverse platform in which it expects companies and industries would prosper.
The South Korea Ministry of ICT, Science, and Future Planning has allocated 223.7 billion KRW ($186.7 million) to build a large Metaverse ecosystem to promote the expansion of digital content and business growth in the country.
According to an official statement issued by the Ministry on February 27, funds would be spent on achieving four primary objectives in the creation of what looks to be an all-encompassing Metaverse ecosystem dubbed the Expanded Virtual World.
The government agency plans to use the Metaverse as a platform to extend the virtual industrial growth of cities, education, and media.
Simon Kim, CEO of Hashed, stated that the new Metaverse platform is particularly focused on supporting commercial development by giving financial support to players. He said that he doesn’t see an issue with government financing because “the private sector is actively investing in the metaverse market.” He went on:
“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”
Hashed is a cryptocurrency ecosystem venture capital and incubator based in South Korea. It has put money into Metaverse initiatives including Decentraland and The Sandbox.
Park Yungyu, the Ministry’s Head of Communication and Policy Department, noted in the announcement that the plan to establish a Metaverse platform is part of South Korea’s wider ‘Digital New Deal.’ According to Park, the Digital New Deal is a series of policies aimed to promote the expansion of digital technology. He said:
“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The Ministry also anticipates that its Metaverse would have a worldwide reach as a result of seamless access to South Korean firms over time. It intends to help company growth by providing financial assistance and technology development.
Since last year, Seoul’s city administration has been researching ideas for a public Metaverse site. Last November, preliminary designs for a “Metaverse 120 Center” were revealed.
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