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South Korea Contributes $187 Million to a National Metaverse Project

A heated controversy has erupted after Mark Zuckerberg declared that Facebook would be renaming itself to Meta in order to focus on the metaverse. As a result of this newest investment, South Korea now has a fresh stake in the metaverse’s hegemony. China has committed $187 million to a national metaverse project in an effort to support the virtual world’s growth in one of the world’s largest crypto centers.

The Ministry of ICT, Science, and Future Planning has committed more than $187 million to a metaverse ecosystem aimed at fostering business development and the creation of digital content. An all-encompassing metaverse known as the “Expanded Virtual World” would be utilized to fund the expansion of cities, media enterprises, educational institutions, and more, according to a Ministry of Science and Technology statement on February 27.

Additionally, the Ministry plans to sponsor hackathons, developer contests, and other community-oriented creative activities to draw the greatest talent into the ecosystem. Korea’s “Digital New Deal” program, headed by the Ministry’s Park Yungyu, seeks to boost digital technology adoption in a country that has become well-known for its quick uptake of new technology, according to Park.

When asked by a news outlet about his views on the government’s investment in the metaverse, Korean VC firm Hashed CEO Simon Kim stated that he agreed with their position. Private companies are currently investing billions of dollars, and the government should have a footing in the sector to protect investors, he said. Other parts of cryptography are also subject to government regulation.

As the metaverse grows, more and more people are becoming concerned about its safety. Despite its young, the metaverse poses significant dangers to women and children. Harassment has been recorded around the world, and the aggressors have been emboldened by the lack of clear rules governing the virtual environment, as CNF observed.