Everything you need to know about this country’s $186 million plan to become a metaverse leader

South Korea is in the news after today announced that it plans to support a comprehensive virtual world ecosystem with an investment of 223.7 billion won or $186 million. The translated document stated,

“The Ministry of Science and ICT is a comprehensive, world-class virtual world platform for the systematic implementation of the Expanded Virtual World New Industry Leading Strategy.

It added that it will include development support and the establishment of a comprehensive virtual world academy.

Earlier this year, the country announced that it goals to become the fifth largest metaverse market by 2026. And to do that, it said the country plans to train 40,000 professionals and 220 companies in metaverse technology.

The February 27 release also added that the Ministry of Science and ICT is focusing on creating a sustainable, comprehensive virtual world ecosystem based on public-private partnership through the ‘Expanded Virtual World New Industry Leading Strategy’.

In addition, it will promote business cooperation, technology development and regulatory innovation so that domestic companies can compete with global companies. The government repeated.

“Active support policy direction has been presented and full scale implementation is underway.”

This essentially supports the government’s previous announcement that the metaverse will be private sector-led, with government backing.

“First, discover and support a leading comprehensive virtual global platform based on decentralization and the creator economy.”

Second, the announcement added that the administration will support professionals on the job and high-level talent in the field. At the same time, KRW 4.6 billion will be the investment amount to contribute the technical knowledge. Apart from that, to expand the scale of small and medium-sized companies in the metaverse, a 100 billion won digital content fund has been established under the M&A fund.

“Third, in order to nurture specialized companies leading the comprehensive virtual world industry, we will expand the regional support base for business growth integration and provide intensive support …”

Park Yun-gyu, head of information and communication policy at the Ministry of Science and ICT, said in the translated release:

“This year it is important to create a comprehensive, world-class virtual ecosystem as a starting point for intensively nurturing the expanded virtual world, which is the core mission of the Digital New Deal, as a new hyper-connected industry.”

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