The head of South Korea’s Ministry of Science and ICT has just announced the national Government is to invest $187 million to build South Korea’s national Metaverse. According to Coin Telegraph, the Ministry intends to build a Metaverse that supports “the growth of digital content and corporate growth within the country.”
This is South Korea getting in first again when it comes to embracing technology. Just look at last year when Seoul, South Korea announced that it would become the World’s first city in the Metaverse by 2023.
South Korea is one of the world’s most technologically advanced countries. While most countries and people are just getting to know 5G, South Korea has already mapped out its strategy for 6G.
Moreover, it sees the potential for Korean companies, small businesses, and entrepreneurs to profit from the Metaverse.
The project named the ‘Expanded Virtual World’ will set out to complete 4 targets. Content creators will be brought onboard to help build the metaverse. Additionally, The Ministry will host creative contests, hackathons, and developer competitions.
Their end goal is to create growth in virtual art, industries, education, and media.
Eventually, the Ministry expects South Korea’s National metaverse to become easily accessible globally, as digital tech advances. It aims to provide funds for tech research to help corporate expansion in this sector.
Park Yungyu, Communications Head at the Policy Department stated
“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
Other Countries/cities Betting on The Metaverse
South Korea is not the only country diving into the metaverse. Others have gone before them.
Take for example Barbados, according to a report from CoinDesk, the country was in talks with different Metaverse companies about establishing a virtual embassy in different metaverses, including Decentraland and Somnium Spaces.