South Korea Invests $185M To Build A Large Metaverse Ecosystem

South Korea makes a big step in metaverse space

The Ministry of ICT, Science, and Future Planning in South Korea has allocated 223.7 billion KRW ($186.7 million) to build a comprehensive Metaverse ecosystem to promote the expansion of digital content and business growth in the country.

The Ministry stated in an official statement on February 27 that funds will be used to complete four primary objectives in the creation of the Expanded Virtual World, which looks to be an all-encompassing Metaverse environment.

The government agency plans to use its Metaverse to boost the virtual industrial expansion of cities, education, and media.

Content creators will be aided in attracting the best personnel to help expand the platform on several fronts. According to the Ministry, community-oriented creative activities, a Metaverse developer contest, and a hackathon will be held.

According to Hashed CEO Simon Kim, the new Metaverse platform focuses on increasing commercial development by giving financial support to members.

“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,” he said.

Hashed is a crypto ecosystem venture capital and incubator based in South Korea. Decentraland and The Sandbox are two Metaverse initiatives in which it has financed.

Park Yungyu, the Ministry’s Head of Communication and Policy Department, indicated that the plan to establish a Metaverse platform is part of South Korea’s ‘Digital New Deal.’ According to Park, the Digital New Deal is a series of policies aimed at fostering the growth of digital technology.

“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”

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