South Korea is planning on investing $187M to crate the Metaverse ecosystem. They believe that Metaverse would support the growth of digital currencies but also corporate growth within the country when it comes to digital content.
On February 27th, the Ministry of ICT, Science, and Future Planning stated that there are going to be four main objectives in this project. The ecosystem of Metaverse would hold the title Expended Virtual World.
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Metaverse system will help the industry to thrive in
The plan of using Metaverse in South Korea would be very helpful for expanding the virtual industrial growth of its cities, education, and media. The government agency thinks that content creators would be of great help. They would be put on different fronts in order to attract people that would help build the Metaverse.
The Ministry is planning on organizing different events to promote the project. The events would be community-oriented, such as hackathons, Metaverse developer contests, and many other creative activities.
The Ministry also mentions that developing Metaverse in South Korea would have a global reach. They plan on financially supporting and helping with technological development for corporate growth.
Nonetheless, Jason Ye, the co-founder of the multichain ecosystem DeSpread, mentions that whoever tries to exploit this new system is going to get filtered out. Ye also stated that every company that builds a digital economy in the new ecosystem would thrive with the Korean government’s support.
The main Metaverse focus would be boosting commercial expansion. That is only possible if it is provided support for participants, financially. CEO of Hashed – Simon Kim thinks that there is nothing wrong with the government providing the funding for this project. He mentions that the private sector in South Korea is actively investing and working on different metaverse markets.
South Korea might become one of the biggest Metaverse players
South Korea’s ticket to becoming a global leader in the Metaverse is crypto-focused gaming. The country is currently holding 12th position as the largest metaverse market. The prediction is that it may move seven positions ahead by the end of 2026.
Minister Lim Hyesook stated that the Metaverse will help the youth achieve their goals, and leap forward to a better and greater world. The Metaverse will help create 1.5 million jobs that are not related to the physical world. The country plans on producing over 40,000 experts that are going to push South Korea to the very top of the international metaverse market.
Co-founder of Atomic Form – Garette David says that from the blockchain perspective it is great to see South Korea be interested in creating the Metaverse. He thinks that it will change the way of consumerism and interface with digital objects. He also mentions that Web3 and Atomic Form have a lot of interest in some of the Korean companies such as Animoca Brand, Nonce, Samsung Next, and so on.
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