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South Korea to invest $187M in national metaverse project

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The South Korea Ministry of Information and Communications Technology, Science, and Future Planning has pledged 223.7 billion Korean won ($186.7 million) to build a comprehensive metaverse ecosystem to support the expansion of digital content and corporate growth in the country.

According to a statement released by the ministry on Sunday, funding will be usable to complete four primary objectives in the creation of the “Expanded Virtual World,” which appears to be an all-encompassing metaverse ecology.

Besides, the government agency wants to use its metaverse to expand the virtual industrial expansion of cities, education, and media.

Additionally, content makers will receive the required support in attracting the best personnel to help expand the platform on a variety of fronts. According to the ministry, community-focused creative events, a metaverse developer contest, and a hackathon will take place.

Increasing business expansion

The new metaverse platform, according to Hashed CEO Simon Kim, is focused on increasing business expansion. By giving financial assistance to players. He indicated on Monday that he believes the government should subsidise the metaverse market because “the private sector is aggressively investing in the metaverse market.” He then went on to say:

“The government needs to focus more on the regulatory issue. It is illegal in Korea to publish NFT games, and it is also illegal to issue tokens.”

Hashed is a venture fund and incubator in the South Korean crypto sector. It has backed Decentraland and The Sandbox, both metaverse initiatives.

The aim to establish a metaverse platform is part of South Korea’s broader “Digital New Deal,” according to Park Yungyu, the ministry’s head of communication and policy department. According to Park, the Digital New Deal is a series of policies aiming to develop the digital technology.

“It’s vital to build a world-class metaverse ecosystem as the foundation for fostering a new hyper-connected sector aggressively.”

“Positive indication”

In fact, there would be seamless access to South Korean enterprises over time. Hence, the ministry intends its metaverse to have a worldwide reach. It intends to help businesses flourish by providing financial assistance and technology advancements.

According to Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, the increased financing is a “positive indication”. That the Korean government shows interest in the metaverse. Because of the funds involved, he remarked on Monday that opportunists who try to take advantage of the situation “should be filtered out,” but that:

“With the Korean government’s assistance, outstanding enterprises establishing a digital economy in the metaverse would thrive.”

Seoul’s city government has been investigating the potential of building a public metaverse location since last year. In November of last year, plans for a “Metaverse 120 Center” initially revealed.

South Korea embraces the proto-Metaverse

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