On May 30, South Korea launched a budget of $117.1 million to invest in the metaverse, making it one of the first governments in the world to do so. This step highlights the country’s long-term metaverse intentions, which might serve as a model for other administrations. The South Korea’s Ministry of Science and Information and Communication Technologies (ICT) intends to boost the metaverse sector which will lead to the creation of employment and assisting businesses.
Lim Hyesook, Minister of Science and ICT of South Korea, remarks:
“The metaverse is an uncharted digital continent with indefinite potential.”
Hyesook emphasised that “a single metaverse has the potential to create 1,5 million jobs in the virtual ecosystem.” A new initiative as part of Korea’s Digital New Deal supervises the focus on the metaverse. Seoul’s metropolitan administration is already working on a metaverse platform to deliver virtual public services to its inhabitants. The whole funding will be spent on the platform, which will cost $3.14 million. Korea unveiled its metaverse intentions in January, with the objective of becoming one of the world’s largest metaverse marketplaces by 2026.
A Korean language institution is also planned as part of the metaverse venture initiative to mediate worldwide user interactions. The government aims to develop a “K-metaverse academy” to connect with global metaverse businesses in addition to Seoul’s virtual platform. The academy will assist metaverse startups from all around the world in scaling their enterprises.
The Korean government and 220 metaverse enterprises will collaborate to create the K-metaverse school. The academy aims to create 40,000 metaverse professionals by 2026. Foreigners will be allowed to engage in metaverse initiatives on medical, K-pop, tourism, and the arts with the support of the language institute. Regulation is an important aspect of the metaverse’s ambitions.
South Korea plans to implement a strong user policy in order to avoid illegal activity, harassment, and exploitation of any kind. The government will have to rule out full NFT rules while expanding the metaverse.
Read more:
- South Korean crypto exchanges UpBit and Bithumb warns about Litecoin’s MWEB
- South Korean authority summons crypto exchanges to take responsibility for Luna crash
