The Ministry of Science, ICT and Future Planning of South Korea will develop and launch its own metaverse. 

South Korea to Invest $1.8 Billion in Metaverse

The Ministry of Science and ICT site issued a press release announcing the intention of the country’s authorities to invest 2.237 billion Korean won (~$1.8 billion) to create and launch the metaverse platform. 

The project’s program involves four main items: 

  1. Development of the metaverse platform. 
  2. Specialist training, including scientific personnel. 
  3. Assistance to specialized companies. 
  4. Creation of a reliable extended environment of the virtual world. 

The last point involves reorganization of the legal system, formation of principles of the virtual world ethics and creation of a local self-regulation system. 

The South Korean government plans to use its metaverse as a driver for industrial growth in cities, a tool to increase the international competitiveness of local companies, an educational platform and an additional channel of communication for the media. The program involves close cooperation between state institutions and the country’s corporate sector and is part of the broader Digital New Deal project.

Author: Alex Golovakha
#Investments #Metaverse