South Korea invests $51M into metaverse projects

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    South Korean Ministry of Science announced It plans to invest 27.7 billion KRW (21 million USD) in local projects to be built in the Metaverse.

    In an official statement, the ministry said the designated funds will be used to support 13 new projects that utilize virtual worlds in the health, tourism and education industries. Beyond simply injecting funding, the science ministry added that startups will also receive technical and regulatory support to succeed.

    The ministry also announced an investment of 40 billion won (US$30 million) to fund small businesses that dabble in virtual world projects. The ministry said it will use this to encourage smaller businesses to pursue mergers and acquisitions that strengthen the local ecosystem.

    South Korea has pursued Metaverse dominance since 2021, opting for a broader national outlook on the development of virtual worlds. Since early 2022, the South Korean government has committed more than $185 million to help companies and creators build on the Metaverse, with plans to expand the state-backed Metaverse around the world.

    “South Korea is the most proactive and determined government to push the development of the Metaverse,” said technology journalist Nina Xiang. Said One news outlet. “No other Asian country has a Metaverse program of the same scale and scope as the South Korean government.”

    Recently, the country announced work on the Metaverse Seoul, a replica of the South Korean capital. This he plans to complete by 2026. According to the disclosure, the move aims to extend the city’s public services into the virtual world and give avatars access to taxes. Offices and counseling facilities.

    The tech-savvy population and the proliferation of several tech companies in the country provide justification for South Korea’s grand Metaverse ambitions. are widely expected to provide

    Brave New World Ethics

    South Korea’s Ministry of Science has announced a Metaverse strategy to guide South Korea’s steady progress toward virtual worlds. The strategy consists of a roadmap based on ethical principles and four key ambitions, including building an enabling environment and deepening the existing talent pool.

    Ethical principles include promoting authenticity, autonomy, respect for privacy, inclusivity, and fairness. The Metaverse Strategy is the brainchild of a collaborative effort of engineering, legal, ethical, and data protection professionals.

    Watch: Enabling the Real World Metaverse

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