March 13, 2023

South Korea Pumps $51 Mln in Metaverse

South Korea Pumps $51 Mln in Metaverse Featured Image

The South Korean Ministry of Science and ICT announced pumping investments worth $51 million in metaverse-related projects, showing its commitment to the metaverse as a new economic growth engine, according to Cointelegraph.

One of the most significant projects, which was announced by the South Korean ministry days ago, was launching a metaverse growth fund, which will contribute to helping companies that are interested in developing metaverse-related projects funded by the ministry. The fund allocated $30.2 million (more than 40 billion Korean won) for metaverse development.

The metaverse fund will also support the mergers and acquisitions of different companies in the virtual space. In this regard, the South Korean government pointed to an increasing interest by major tech companies operating in the metaverse to invest in the fund. The country plans to help domestic metaverse-related firms compete with global players, saying: “We plan to actively support it.”

The second project, announced by the ministry, was developing 13 specific initiatives, which cover several aspects of the metaverse, including industry, technology, the public sector, and regional projects. The ministry allocated $21 million to complete this project.

Commenting on the announcement, Oh Yong-soo, a software policy officer at the South Korean ministry, asserted the importance of the government’s support to firms that need to raise funds for launching metaverse-related projects, saying: “Due to the deteriorating economic situation at home and abroad, civilian venture investment has dried up. Government support is needed more than ever. It’s time to do it.”

Recently, South Korea made remarkable progress in the Web3 world, topped by the foundation of its capital, Seoul, in the metaverse for public services for its residents and tourists.

Named “Metaverse Seoul,” the platform allows users to file public documents, tour tourist destinations in Seoul, ask for advice for starting a business, and seek help with taxes in addition to playing games. The Seoul government has a five-year roadmap for rolling out a full list of government services and activities covering the tourism, business, and cultural sectors. Citizens of Seoul on the platform’s first phase, which had been launched today, have access to official city paperwork, file complaints and get answers about local taxes.

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