The South Korean government has recently announced that it will directly start investing in metaverse projects. Consequently, the government is likely to invest more than $177 million to kickstart companies relevant to the field. Moreover, the investment is also being made to increase employment and national jobs. Lim Hyesook, South Korean minister of science and information and communication technologies, publicised the statement regarding the governmental investment in the metaverse projects.
Various industries see a great future in the metaverse and actively invest in it. Venture Capital firms and numerous companies are preparing to enter the metaverse space. All of this is happening because the metaverse has a promising future. However, not many countries have directly invested in it because of many unanswered regulatory questions. The crypto element within the metaverse space, the questions regarding the regulations, and the intersection of Web 3 technologies raise various questions. Accordingly, multiple countries right now are not directly investing in space.
However, few nations have now stepped in for several reasons in the race. Firstly, the metaverse is the new future now and is likely to generate a lot of revenue, and indeed the market cap of the metaverse will increase over time. Similarly, successful investments in the metaverse space can help strengthen a nation’s economy. Subsequently, metaverse will increase the employment rate and create national jobs. As a result, South Korea is one of the leading countries that will directly invest in the mega project. Moreover, South Korea now has a new tech focus. It has included a Digital New Deal, a set of guidelines being followed by the government to become a fully digital society soon.
South Korea is also one of the leading countries in terms of advancements in technology. Experts state that after the success of South Korean investment into the metaverse, numerous other countries will also follow suit. As a result, not only will the metaverse be strengthened, but the economy of the investor nations will improve. Subsequently, the employment level of the countries will also increase.
About these possibilities, Yugal Joshi, Everest Group Partner, told CNBC, “Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.”
