South Korea’s Ministry of ICT, Science, and Future Planning has invested $187 million (223.7 billion KRW) for building a wide Metaverse ecosystem in the country to support corporate growth and digital content.
In a public announcement made on February 27, the ministry stated that the funds shall be used to achieve four primary objectives in building an expanded virtual world. The government plans to use the opportunity to improve the virtual industry in education, media, and cities.
Metaverse in South Korea
The South Korean government shall help content creators in attracting top talents to help expand the platform in a wide variety of aspects. The ministry also said that it shall also hold community-oriented events, hackathons, and Metaverse developer contests.
The head of the communication and Policy Department at the Ministry of ICT, Science, and Future Planning, Park Yunyu, said that establishing a Metaverse platform is part of South Korea’s bigger ‘Digital New Deal.’ According to Yungyu, the Digital New Deal is a set of policies that shall foster the growth of digital technologies within the country.
“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The South Korean crypto ecosystem venture capital and incubator Hashed CEO Simon Kim also commented by saying that the new platform shall increase the commercial expansion by supporting the players financially. He added that the government should, however, not bankroll the Metaverse to give room for the private sector which is actively investing in the sector.
Hashed has invested in several other blockchains projects including The Sandbox and Decentraland.