South Korea Invests $187 Million in National Metaverse Project

South Korea’s Ministry of ICT, Science and Futures Planning has pledged KRW 223.7 billion ($186.7 million) to create a broad Metaverse ecosystem to support digital content growth and business growth in the country.

The ministry wrote in an official statement on February 27, that money will be spent on achieving four main goals in creating what appears to be a comprehensive Metaverse ecosystem called the Expanded Virtual World.

The government agency plans to use its Metaverse as a platform for expanding the virtual industrial growth of cities, education and media.

Content creators will be supported on multiple fronts to attract the right talent to help build the platform. The ministry said it will host community-based creative activities, a Metaverse developer competition and a hackathon.

Hashed CEO Simon Kim pointed out that the new Metaverse platform is primarily focused on driving commercial expansion by providing financial support to participants. He told Coin-Crypto today that he doesn’t think there’s a problem with government funding because “the private sector is actively investing in the metaverse market.” He continued:

“It’s the regulatory issue that the government should pay more attention to. In Korea, publishing NFT games is prohibited, and issuance of tokens is also prohibited.”

Hashed is a South Korean venture capital and incubator for crypto ecosystems. It has invested in Metaverse projects such as Decentraland and The Sandbox.

Communications and Policy Department head of the Ministry Park Yungyu stated in the announcement that this initiative to build a Metaverse platform is part of the wider “Digital New Deal” in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park, who added:

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

The ministry also expects its Metaverse to have global reach as there will be seamless access to South Korean companies over time. It plans to support business growth by providing financial support and technology development.

Related: Monster Energy Files NFT and Metaverse Trademark Applications

The Seoul municipal government has also been exploring its options regarding a Metaverse public space since last year. Preliminary plans for a “Metaverse 120 Center” were announced last November.

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