South Korea pours US$51 million into metaverse projects

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    South Korea’s science ministry on Wednesday announced 27.7 billion South Korean won (21 million dollars) to local services looking to use the metaverse, following news that it would set up a $30 million metaverse fund to help start-ups expand their business. announced that it invested

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    quick facts

    • The US$21 million investment will support 13 new projects in areas such as healthcare, education and tourism, using the metaverse to innovate and improve public services. press release.
    • South Korea’s 40 billion won ($30 million) fund announced on Tuesday Encourage small businesses in the metaverse sector to actively merge and acquire to expand their operations into global markets.
    • In February 2022, South Korea invested approximately $185 million to develop its own metaverse ecosystem. Since then, many metaverse projects have emerged from both the private and public sectors. Specifically, the capital Seoul has launched the Metaverse Replica.
    • Reality Labs from Meta Platforms, one of the world’s leading metaverse developers, reportedly Virtual platform Horizon Worlds lost US$13 billion last year as it failed to attract a large number of repeat customers.
    • according to Google Trendsnetizens have gradually lost interest in the metaverse as a search term over the past year, with its popularity declining by 76% compared to its annual peak in March 2022.

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