South Korea to subsidize $187 Million in Metaverse project

February 28, 2022

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Ministry of Information and Communication Technology of South Korea and Future Planning promised 223.7 billion (Korean Republic Won) KRW, which is $186.7 million. This is to develop a vast Metaverse ecosystem to support the development of digital subjects and corporate development in the nation. The Ministry said that accounts will be spent on finishing four major purposes in a building that seems to be an all-encompassing Metaverse ecosystem named the Expanded Virtual World. The government agency aims at utilizing its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media.

Simon Seojoon Kim, the CEO of Hashed Simon Kim brought up that the recent Metaverse forum has a special emphasis on increasing retail growth by giving monetary help to participants. Simon Seojoon Kim said that he doesn’t think there is a crisis with the government allocating because the private region is vigorously funding in the metaverse market. He also said that it is the regulatory problem that the government should pay additional attention to. In Korea, the publishing of NFT games is restricted, and token allocation is also restricted.

Head of Communication and Policy Department at the Ministry Park Yungyu declared that this endeavor to develop a Metaverse platform is part of the Digital New Deal in South Korea. The Digital New Deal is a bunch of policies formulated to enable the development of digital technologies. It is crucial to building a Metaverse ecosystem as the starting point to intensively nurture a new hyper correlated industry. The Ministry wants its Metaverse to have a wide reach because there will be seamless entry to South Korean companies over time.


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