The government of South Korea has invested $117,1 million towards the metaverse, betting on its potential and making this technology a priority over the next several years.
South Korea is one of the first governments to invest in the metaverse, having put aside $117,1 million.
This earmark is based on the nation’s long-term goals for the metaverse and might serve as an example for future administrations.
The Ministry of Science and Information and Communication Technologies (ICT) of South Korea seeks to stimulate the metaverse industry by creating jobs and aiding enterprises.
Lim Hyeseok, Minister of Science and ICT, stated:
The metaverse is an uncharted digital region with infinite potential.
A new project oversees the focus on the metaverse as part of Korea’s Digital New Deal.
The metropolitan government of Seoul is already constructing a metaverse platform to provide virtual public services to the general population. The platform will use $3,14,000,000 of the total budget.
In January, Korea announced its plans to become one of the world’s major metaverse markets by 2026.
Metaverse University
In addition to Seoul’s virtual platform, Korea aims to build a “K-metaverse school” to interact with worldwide metaverse businesses. The school will aid metaverse entrepreneurs from all across the globe in growing their concepts.
Together, the Korean government and 220 metaverse firms will establish the K-metaverse school. As a future step, the school will also produce 40,000 metaverse specialists by 2026.
Hyesook responded to the virtual jobs by stating: A single metaverse has the potential to generate 1.5 million virtual jobs.
Korean Language Institution
In addition, the metaverse venture project includes plans for a Korean-language institution to facilitate global user interactions.
With the support of the language institution, foreigners will be able to participate in metaverse activities such as medicine, K-pop, tourism, and the arts.
Regulations
The regulation is a crucial component of metaverse designs. Korea intends to implement a strict user policy prohibiting any unlawful conduct, harassment, and exploitation.
The local metaverse
Other Asian countries share an interest in the metaverse.
In addition, Shanghai presented its five-year metaverse growth plan, which involves the deployment of metaverse technology in government and business offices.
Additionally, Chinese IT titans like as Tencent and Alibaba are investing in the metaverse. Alibaba has invested $60 million in a company that would produce virtual reality spectacles.
According to Yugal Joshi, a partner at the research firm Everest Group, none of the other countries have spent as much as Korea. He reported to CNBC:
It is fascinating since it is mostly a private sector and Big Tech initiative and trend. Governments have not accomplished much outside South Korea.”
In addition to creating the metaverse, Korea will need to eliminate complete NFT laws. NFTs exist in a legal limbo and are not subject to the same regulations as cryptocurrencies.
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