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. This investment includes a fund to support the growth of Metaverse companies and another special investment to build several services, including region-specific projects.
South Korea continues to invest in the Metaverse
While interest in the metaverse by some private companies is starting to cool, South Korea is doubling down on its bets to continue supporting the local metaverse economy. We announced two initiatives to support the Metaverse project and companies.
The first of these projects, announced On March 8th, we will form the Metaverse Growth Fund, which will allow companies wishing to develop virtual projects to obtain funding directly from Korea’s Ministry of Science, Information and Communication. For this, the institution has allocated 30 million dollars.
second project, announced One day later, it 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.
State funding is said to be ‘needed more than ever’
The South Korean institution recognized that the current weakness in the global economy has made it difficult for these types of companies to raise funds privately. Policy Officer Oh Yong-soo said:
Deteriorating economic conditions at home and abroad have dried up private venture investment. Government support is needed more than ever. It’s time to do it.
Since last year, the South Korean government has been actively investing in the growth of the local metaverse industry, injecting millions of dollars directly into companies in the sector. In May, Lim Hye-sook, head of South Korea’s Ministry of Science and Information and Communications, announced that he would invest $177 million in the Metaverse company.
In June, the ministry also announced a program to invite companies to participate in the Metaverse content creation project. The program aims to initiate local movements to create content in the metaverse as part of the country’s strategy to become an industry pioneer.
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