South Korea allocates $117.1 million to the industry’s launch.

June 1, 2022

South Korea allocates $117.1 million to the industry's launch.

South Korea allocates $117.1 million to the industry’s launch.

South Korea put aside $117.1 million as one of the first nations to ever formally invest in the metaverse. The nation’s long-term metaverse ambitions produced this earmark, which might be used as a template by future governments. To kickstart the metaverse economy, the South Korean Ministry of Science and Information and Communication Technologies (ICT) wants to support enterprises and generate employment. A new programme that is a part of Korea’s Digital New Deal is in charge of emphasising the metaverse. The Seoul Metropolitan Government is currently creating a metaverse platform to provide citizens with virtual government services. The platform will spend $3.14 million of the total.

Korea intends to create a “K-metaverse academy” in addition to Seoul’s virtual platform in order to collaborate with international metaverse entrepreneurs. The academy will assist metaverse startups from all over the world in scaling their initiatives. The Korean government and 220 metaverse enterprises will collaborate to create the K-metaverse academy. By 2026, the academy will also have graduated 40,000 metaverse professionals.

The regulation is a key component of the metaverse designs. Korea plans to implement a strong user policy to stop all forms of exploitation, harassment, and illegal activity. Shanghai also unveiled its five-year metaverse growth strategy, which calls for using the metaverse in government and corporate settings. Chinese tech behemoths Tencent and Alibaba are among those making investments in the metaverse. Alibaba recently made a foray into the virtual reality eyewear business by giving a startup $60 million. Korea will have to forgo imposing extensive NFT laws while expanding the metaverse. Currently, NFTs are not governed by the same laws as cryptocurrencies and operate in a legal limbo.

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