Korea invests heavily in metaverse

by nativetechdoctor
3 minutes read

Ministry of Science, Information Technology, and Future Planning pledged to spend at least 223.7 billion Won (US$186.7 million) into the national metaverse ecosystem.

As a result, content creators will be supported in many ways to attract talent, potentially helping to build a metaverse.

The Korean Ministry of Science, Information Technology and Future Planning (Ministry of Science, Information Technology and Planning) said it will organize creative activities for the community, including a contest for metaverse developers and a hackathon.

The CEO of Hashed experts and builders blockchain-based in Seoul (Korea) and Silicon Valley (USA), Simon Kim pointed out that the new metaverse platform is specifically focused on promoting commercial expansion by providing financial support to participants.

Talking to Cointelegraph on February 28, Kim said that there is no problem in the funding process for the government because “the private sector is also actively investing in the metaverse market.” However, there are still regulatory and legal barriers that the Korean government needs to consider further.

“Regulation is an issue that the government should be more concerned about. In South Korea, publishing NFT games is prohibited and the issuance of tokens is also prohibited,” said Mr. Simon Kim about the restrictions in Korean regulation.

Park Yungyu, head of the communications and policy department at the Korean Ministry of Science, Technology and Information Technology, said the initiative to build the metaverse platform is part of the “Digital New Deal” in Korea. . According to Mr. Park, the Digital New Deal is a set of policies designed to promote the development of digital technology. “It is important to create a world-class metaverse ecosystem as the starting point to vigorously promote a new hyper-connected industry,” stressed Mr. Park.

In addition, the Korean Ministry of Science, Technology, and Information Technology also expect their metaverse to have a global reach with seamless accessibility to Korean companies over time. In addition, the Korean government plans to provide support for businesses in the form of financial assistance and technology development.

In the context of the explosive digital universe, Korea boldly pioneered the smart urban plan Metaverse Seoul – the metaverse version of the capital Seoul.

According to the Metaverse Seoul plan, the Seoul government will open the “Metaverse 120 Center” (tentative name) – a virtual public administration center – in 2023. Here, public officials in the metaverse environment will provide provides consulting services and solves civil problems – things that have so far had to come in person at the City Hall.

Not only that, but a number of metaverse virtual spaces also serve the fields of business, financial technology (fintech)… and the field of culture and tourism with “virtual” festivals will also be formed.

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