South Korea’s Ministry has allegedly offered $186.7 million to build a comprehensive metaverse ecosystem. This money would be utilized to assist the impactful expansion of digital content as well as business growth across the country.
The funds will be used to complete four primary objectives in creating an all-encompassing metaverse environment, according to the ministry in an official statement released on Sunday.
The “Expanded Virtual World” is the name given to this. Several government agencies want to use the metaverse as a powerful platform for education, cities, and media expansion and growth.
South Korean content makers would also benefit from assistance on several fronts in order to recruit the best talent for the platform. The ministry went on to announce that it will sponsor community-oriented creative events, including a metaverse developer competition and a hackathon.
Simon Kim, the CEO of Hashed, also stated that the new metaverse platform would place a particular emphasis on increasing commercial development by giving financial assistance to members.
For those unfamiliar, Hashed is a South Korean cryptosystem that has previously invested in several metaverse initiatives such as The Sandbox and Decentraland.
Park Yungyu, the ministry’s head of communication and policy, recently claimed in an announcement that the plan to develop a metaverse platform will be part of the country’s more expansive “Digital New Deal.” This agreement consists of a set of measures to promote the development of digital technology.
The South Korean Ministry also expects the metaverse to have a broad global reach. This is because most enterprises in this world region would have continuous access to it throughout time.
Korea still has significant issues to address, as the sector has pointed out several times. For example, the government prevents games from creating their own tokens and does not allow non-fungible tokens (NFTs) to be used in gaming.
Even though South Korea is one of the world’s most significant gaming marketplaces, this is a problem that many have raised in the past. With the proposed investment and a more open approach towards metaverse and NFTs, these issues might be resolved soon.