The South Korean Ministry of Science and ICT is giving its “full-fledged support” and a $186 million investment for the creation of an ‘extended virtual world ecosystem’ (metaverse).
According to an official press release from the South Korean Ministry of ICT and Science, 223.7 billion KRW ($186.7 million) was pledged to the development of their new metaverse ecosystem. Funds will be allocated to the development of a virtual world platform called the Expanded Virtual World. The funding will be used to expand on core technology, education, and for reorganizing the legal system surrounding the technology.
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By improving regulation and technological capabilities, it hopes to improve competition between domestic and global companies.
The decentralized metaverse platform aims to create a virtual ecosystem to support the growth of digital content and to create a space for intercompany collaboration. By tapping into the creator economy, the platform aims to expand the virtual growth of education, cities, and media in the country.
Park Yun-gyu, Minister of Information and Communication Policy, refers to the “Digital New Deal” as new policies, regulations, and the R&D of new technologies like holograms and virtual reality. By creating the metaverse, they will be taking the first steps in fostering the growth and development of these new technologies. This new deal, he added, is the starting point for “intensively fostering the expanded virtual world as a new hyper-connected industry.”
By tweaking policy and regulation, the government could allow various new players in the industry to support its growth. However, at this stage, token issuance and publishing of NFT games are still prohibited in South Korea. By innovating in the regulatory sector, lawmakers can help domestic companies to start competing with global organizations.
Education and participation
In its efforts to get the extended virtual world platform up and running, the ministry has set a large part of the budget aside for education. The ministry will establish an Extended Virtual World Academy as well as community activities, such as metaverse developer contests and hackathons.
Park added that “We will spare no effort to support domestic companies and young developers and creators so that they can find new growth opportunities in the infinite digital economy.”
With the metaverse project expected to have a global reach, the ministry wants users to have a seamless experience collaborating with South Koran businesses. Adding to the reason why, so much financial, technical, and legislative support is provided to establish a self-regulating system in the metaverse.
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