South Korea to invest $187 million in the national metaverse

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The government believes that such investment will help the business and industry development

South Korea to invest $187 million in the national metaverse

28.02.2022 - 12:35

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What’s new? The Ministry of Science, ICT and Future Planning of South Korea has allocated 223,7 billion won ($186,7 million) to create a Metaverse ecosystem for the development of corporations and digital content in the country. The ministry's official statement of February 27 states that the money will be used to meet key goals in creating a vast Metaverse ecosystem titled the “Expanded Virtual World.” The government agency intends to use its Metaverse as a platform for urban development, education, and media.

Cointelegraph’s article

What are the predictions? The government expects that the Metaverse will have a global reach, as free access for South Korean companies will be provided over time. It is planned to support companies by providing financial assistance and technological progress.

Park Yungyu, head of communication and policy department at the ministry, stated:

“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”

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Editorial GetBlock Magazine

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