South Korea invests heavily With the Metaverse as the new economic growth engine, the country’s Ministry of Science and ICT has announced a dedicated fund to advance the country’s Metaverse initiative.
The South Korean government has invested 24 billion won ($18.1 million) to establish a fund of more than 40 billion won ($30.2 million) for the development of the Metaverse.
This investment includes a fund to support the growth of Metaverse companies and another special investment to build several services, including region-specific projects.
Growth engine for the future
The South Korean government has cited growing interest in the Metaverse from major technology companies as a reason for investing in the fund.
With the help of the Metaverse Fund, South Korea will support mergers and acquisitions of various companies within the Metaverse ecosystem, while helping domestic Metaverse-affiliated companies compete with global players.
The government acknowledges that it will be difficult for local players to raise capital through private investment given the underlying investment risks.
South Korea has been investing heavily in the metaverse for some time, and Seoul launched a digital replica of the city in the metaverse in January.
The South Korean government has spent about 2 billion won ($1.6 million) on the first phase of the Metaverse project, which aims to create a virtual space that mirrors the real world.
Double your bet on the Metaverse
South Korea’s Ministry of Science and Technology has doubled down on its bet on the future of the Metaverse by approving a $51 million investment in various Metaverse projects.
The country announced two initiatives to support the Metaverse project and companies to build products on top of virtual worlds.
The first initiative will constitute the Metaverse Growth Fund, which will allow companies wishing to develop virtual projects to obtain funding directly from South Korea’s Ministry of Science, Technology and Information and Communications.
The agency has allocated $30 million to this fund. The second project is concerned with the development of 13 specific initiatives involving the metaverse in various converging areas such as technology, regional projects, public sector and industry. This is his second project, for its completion he has allocated $21 million.
The future of the Korean metaverse is bright
While some private companies’ interest in the Metaverse is starting to cool, South Korea is doubling down on its bets to continue supporting the local Metaverse economy.
South Korea has invested heavily in the Metaverse and is poised to become a world leader in the field, especially given the government’s commitment to provide financial support and resources to local businesses.
With more investment and government support, South Korea is poised to establish itself as a major player in the metaverse market.