South Korea’s government is doubling down on its commitment to the metaverse with the creation of the Metaverse Fund, according to an industry expert Konstantin Kryvopust.
South Korea is creating a new fund to support the growth and development of the metaverse. According to an official statement, Ministry of Science and ICT invests 24 billion Korean won ($18.4 million) in the fund. The fund is now worth 40 billion Korean won ($30.2 million).
Ultimately, the fund will support mergers and acquisitions of various companies in the metauniverse ecosystem. In addition, the government will actively support national metauniverse initiatives to compete on a global scale.
Statement of Intent
In essence, South Korea is making a strong statement in uncertain financial times. In addition, the government is aware that the growth of domestic technologies depends on large investments. Essentially, the metauniverse needs venture capital to realize its full potential.
We’ve already seen South Korea launch its own national metauniverse. In fact, its capital, Seoul, became the first city to launch its own fully immersive virtual world. So far, $187 million has been invested in ” Metaverse Seoul “, which aims to inspire the development of art, industry, education and media.
Indeed, as a country with high cryptocurrency adoption and the fourth largest gaming industry in the world, South Korea appears to will become a leader in Web3 technology.
Vision of South Korea
South Korea fully intends to drive the progress of the new digital era. Indeed, the country is working on an ambitious 58.2 trillion won (US$44.6 billion) plan called the New Digital Course. In summary, this plan involves pumping up the industry with venture capital, supporting its growth, and ultimately creating one of the top 5 metauniverse industries in the world.
Experts estimate that the South Korean meta universe industry will be worth 400 trillion won ($306.5 billion) by 2026. So now is the time to build, and the government is doing just that.
Also, it’s clear that the government sees the potential of the metaverse and how it can drive the economy forward. First, millions of new virtual jobs will appear in the metaverse. Moreover, the government is investing in higher education courses specifically focused on metauniverse training.
However, the government is more skeptical of cryptocurrency. Currently, the government strictly regulates play-to-win games in South Korea due to their speculative nature. Despite this, the government remains adamant about implementing blockchain technology. A prime example is Metaverse Seoul, which is still going through its development phases.
The second phase of Metaverse Seoul, due for completion in 2024, will expand the metaverse to include real estate consulting and connect foreign investors with local industries.
