The Ministry of Science of South Korea has recently declared a total allocation of US$51 million for the development of numerous local ventures within the sector of the metaverse.
About the Investments
The Ministry of Science has officially announced the allocation of $21 million to establish thirteen new projects focusing on virtual worlds within the education, tourism, and health sectors. This initiative is intended to facilitate the development of these industries. Furthermore, in addition to investing the allocated finances, the Ministry will provide startups with technological and regulatory assistance to ensure their successful growth and development.
Furthermore, the Ministry announced an investment of KRW40 billion (US$30 million) to support smaller businesses engaging in virtual world projects. This investment will encourage these companies to pursue mergers and acquisitions to strengthen the local ecosystem.
Since 2021, South Korea has been actively striving for global leadership in the development of the metaverse. At the beginning of 2022, the South Korean government invested $185 million to support companies and content creators in the metaverse, with the intention to extend its state-backed metaverse offerings to other countries.
The South Korean government has recently revealed its plans to develop Metaverse Seoul, a digital version of Seoul designed to offer public services in virtual worlds by 2026. This initiative is intended to expand access to tax offices, counseling facilities, and other services for avatars in the virtual environment.
Future of Metaverse in South Korea
South Korea’s Ministry of Science has recently unveiled a comprehensive strategy to guide the nation on its journey toward a metaverse. This strategy is based on some core ambitions, including creating an enabling environment and developing a skilled workforce. This initiative emphasizes ethical principles and a roadmap to ensure a successful transition into the future of virtual worlds.