South Korea bets $187 million on its national Metaverse project
South Korea's Ministry of Science and ICT announced Sunday that it has invested KRW 223.7 billion ($185 million) to build the country's Metaverse ecosystem.
South Korea invests heavily in the Metaverse
An official statement from the ministry on Feb. 27 said the funds will be spent on four main goals to create an all-encompassing Metaverse ecosystem called Expanded Virtual World. The ministry will use its war chest to develop the decentralized creative economy, nurture talent and support companies developing VR / AR devices.Content creators will be supported on multiple fronts to attract the right talent to build the platform. The ministry said it will host community-oriented creative activities, a Metaverse developer competition and a hackathon. It also expects its Metaverse to have a global reach as there will be seamless access to South Korean companies over time. It plans to foster business growth through financial support and technological development.
Seoul is also entering the Metaverse
Meanwhile, Seoul announced in November that it also plans to join the Metaverse. Tentatively named 'Metaverse Seoul,' it aims to create a virtual communication ecosystem for all areas of its city government. This would cover business, culture, tourism, education and citizen services, in three phases starting this year.The South Korean capital has invested KRW 3.9 billion ($3.2 billion ) in the Metaverse project as part of Mayor Oh Se-hoon's Seoul Vision 2030 plan. If this project becomes a reality, Seoul citizens will soon be able to put on their VR headsets to meet with city officials for virtual consultations. They will even be able to participate in mass events.
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