South Korea government to invest $187M in national metaverse project
The government will provide $186.7 million to stimulate the growth of a Metaverse platform that it hopes business and industry will thrive in.
South Korea's Ministry of ICT, Science, and future planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country.
The Ministry wrote in an official statement on Feb 27 that funds will be spent on completing four main objectives in creating what appears to be all-encompassing.
The government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media.
Content creators will enjoy support on multiple fronts to attract the right talent to help make the platform. The Ministry said that it will host community-oriented creative activities, a Metaverse developer contest, and a hackathon.
CEO of Hashed Simon Kim aimed that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. he doesn't think there is a problem with the government providing funding because "the private sector is actively investing in the metaverse market."
“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”
Hashed is a South Koren crypto ecosystem venture capital and incubator. it has invested in Metaverse projects like Decentraland and The Sandbox.
Head of Communication and Policy Department at the Ministry Park Yungyu declared in the announcement that this initiative to build a Metaverse platform is part of the broader "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 stated:
“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The Ministry also expects its Metaverse to have a global reach since there will be seamless access to South Korean companies over time. it intends on providing support for corporate growth by offering financial support and technological development.
Jason Ye, co-founder of multichain ecosystem accelerator DeSpread is calling the new funding a "positive signal" that the Koren government is interested in the Metaverse. the funding involved, opportunists who attempt to exploit it "should be filtered out,"
"Outstanding companies building a digital economy in the Metaverse will be able to thrive with the Korean government's support."
Seoul's municipal government has also been exploring its options regarding a public Metaverse space since last year, Last November tentative plans for a "Metaverse 120 Center" were declared.