South Korean government becomes an early investor in metaverse

Sebastian Parker
Sebastian Parker
Last Updated on June 2, 2022

South Korea, which is known for its strict crypto regulatory stances, is big on the metaverse. The government will direct investments of more than 223.7 billion won ($177.1m) in various Metaverse projects.

South Korea is one of the first countries to make a decision to invest in metaverse technology. This investment was made under the “Digital New Deal” program, which is designed to invest in emerging technologies.

Lim Hyesook, the country’s science-information and communication technology ministry, is responsible for leading the program. Hyesook described the metaverse as “an uncharted digital continental with indefinite potential,” which indicates the government’s interest to lead the effort in metaverse tech.

The first use of the national fund would be to create a metaverse platform at the metropolitan level that would allow citizens access to various government schemes and services electronically, CNBC.

South Korea’s investment in metaverse-related projects could inspire other countries to follow its lead.

Two major retailers launched metaverse integration and artificial intelligence in February to improve customer experience.

Related: South Korea embraces proto-metaverse

South Korea is known for being a technologically advanced nation. It has taken proactive steps in promoting the emerging technology of blockchain. It was one of the first countries to implement blockchain use cases in government offices. This set the standard for other countries.

Metaverse is a virtual world that uses a non-fungible token to act as a commodity. It can be a piece or cloth of land, cloth, avatars, etc. Although it is a new concept, it has been the subject of the most hype in crypto after NFTs. The concept has been embraced by all major tech companies, including Apple, Google, and Facebook. Facebook even went so far as changing the brand name to Meta.

The discussion on metaverse was a key topic at the World Economic Forum 2022. Experts predicted that metaverse will help in many fields, including medical and rescue operations.