- South Korea will boost the Metaverse with government support and investment.
- Role of the Ministry of Science and ICT in supporting emerging industries in the country.
- There are a huge number of opportunities hidden in the nascent industry.
South Korean authorities expressed interest in “locking” the Metaverse in early 2022, declaring a $170 million investment in VR (virtual reality) concepts and potential technologies in January.
effort to win
South Korean President Yoon Seok-yeol has said technology is a priority for the country, with motivation to lay the groundwork to be among the top five in the Metaverse world by 2026. Published by the Ministry of Science, Information and Communication Technology (ICT). A set of non-binding ethical guidelines at a conference held on November 28, 2022 on the topic “Ethical Principles for the Metaverse”.
Venture capitalist Matthew Ball explains: The number of users, each with their own presence, according to The Verge.
According to the New York Times, Facebook CEO Mark Zuckerburg changed the name of the company to Meta, eventually becoming a “Metaverse company” in October 2021. People who are busy spending time working, playing, going out and socializing in an augmented virtual world. The dream of a Metaverse to replace the Internet doesn’t seem far away.
According to media reports, South Korea is the world’s 13th largest economy by GDP and has the fourth largest gaming market, generating $8.3 billion in revenue in 2021 from 33 million gamers. Nathan Renga, an analyst who has researched South Korea’s metaverse strategy, “But in South Korea, he actually reports that 50% of people report that their daily pastime is gaming. I am immersed in.”
According to CNBC, South Korea’s Science and ICT Minister Lim Hyesook sees the Metaverse as “an undiscovered digital continent with endless possibilities.” The South Korean government is one of the first countries to invest in emerging industries and plans to kickstart it by backing organizations and creating job opportunities.
According to news reports, South Korea’s “Digital New Deal” has discussed pouring in billions of dollars to lay the groundwork for the industry’s growth in hopes of providing more than two million new jobs. “No other Asian country has a similar kind of metaverse her program to the South Korean government, both in scale and scope,” said tech journalist Nina Xiang.