South Korea will invest $177 million to support companies and jobs in the metaverse space

South Korea will invest $177 million to support metaverse projects

South Korea recently revealed its intention to invest directly in metaverse-related businesses and initiatives. Investing in the metaverse appears advantageous for many technology companies, especially with AI and AR at work.

The investment proposal was unveiled by Lim Hyesook, Minister of Science and Information and Communication Technologies, who said that the metaverse, when combined with modern technology, had enormous potential.

This investment is a significant aspect of the Asian country’s Digital New Deal, which sets forth rules for a smooth transition to full digitalization.

Seoul is taking a head-on approach to the metaverse, which might become popular in the coming years. This action also serves as a model for other governments to follow.

Shanghai has also begun to develop public services based on the metaverse. Alibaba and Tencent are also working on metaverse-based goods right now. Alibaba has invested in a firm whose main product is AR glasses.

Investing in the metaverse is dangerous since you’re putting money into something that won’t last or whose worth is based on excitement and demand.

Seoul, on the other hand, wants to be a part of the preparations. Many well-known SoKorean brands, like as BTS and LG Electronics, have jumped on board with new crypto and NFT efforts.

Because of its temporary nature, entering the metaverse is dangerous. Any revolutionary technology that is unexplored is faced with opposition. People will focus on the hazards rather than the benefits, especially in light of the recent spike in crypto and NFT-related frauds.

The major obstacles with metaverse investments include legalities, security, and privacy issues. However, as South Korea takes a big step into the metaverse, other governments are likely to follow suit.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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