The Korean government is strengthening its commitment to the Metaverse by establishing the Metaverse Fund.
South Korea is creating a new fund to support the growth and development of the Metaverse. According to the official statement, Ministry of Science, Technology and Information has invested 24 billion Korean won ($18.4 million) in the fund. The fund is currently valued at KRW 40 billion ($30.2 million).
Ultimately, the fund will support mergers and acquisitions of various companies within the Metaverse ecosystem. In addition, the government will actively support domestic metaverse initiatives to compete on a global scale.
manifestation of intention
In essence, South Korea is making a strong statement in uncertain financial times. Essentially, the metaverse needs venture capital to reach its full potential.
We have already seen South Korea start its own national metaverse. In fact, its capital, Seoul, became the first city to launch its own fully immersive virtual world. His $187 million is now being invested in the Metaverse Soul, which aims to foster growth in the arts, industry, education and media.
Indeed, as a country with a high rate of cryptocurrency adoption and the fourth largest gaming industry in the world, South Korea looks like: We plan to be the leader in Web3 technology.
korean vision
South Korea intends to push forward in the new digital age. In fact, the country is working towards an ambitious KRW 58.2 trillion ($44.6 billion) plan dubbed the “Digital New Deal”. In summary, the plan involves flooding the industry with venture capital to support its growth and ultimately make it one of the top five metaverse industries in the world.
Experts believe South Korea’s metaverse industry will be worth 400 trillion won ($306.5 billion) by 2026.
Moreover, it is clear that governments recognize the potential of the Metaverse and how it can propel the economy forward. First, millions of new virtual jobs will appear in the metaverse. Additionally, the government is investing in higher education courses with a particular focus on metaverse training.
However, governments are more skeptical when it comes to cryptocurrencies. As it stands, the government severely regulates games to play and earn in South Korea – due to their speculative nature. A prime example of this is the Metaverse Soul, which is still in stages.
Phase 2 of the Metaverse Seoul, scheduled for completion in 2024, will expand the Metaverse to include real estate counseling and connect foreign investors with local industries.
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