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South Korean Government Backs Metaverse by Investing Over $177 Million in It

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South Korean Government Backs Metaverse by Investing Over $177 Million

Even though the Metaverse is still a developing ecosystem and its scope is sketchy, the South Korean government has backed the movement by being an early investor. This gesture from the South Korean government can trigger other countries to invest in this technology, which has the potential to be the next revolution. The South Korean government said the investment will be labeled under the newly launched program, “Digital New Deal,” responsible for investing in technologies linked with the country’s economy.

With the ministry of Communication, Technology, Science and Information having announced plans to invest in the technology within the country, Lim Hyesook, Minister of Science and ICT, leading the investment, said the metaverse “is an uncharted digital continent with indefinite potential.” He disclosed that the government had designated 223.7 billion won ($177.1 million) to set the stage for the initiation of the startups.

According to the announcement reported by CNBC, Hyesook revealed that the funds would first be used to launch a metropolitan level metaverse where government services and schemes will be available for civilians virtually. This could also promote the use of new blockchain technology in neighboring countries. 

Yugal Joshi, a partner of the Everest Group, on the possibility of other countries emulating South Korea said, “Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.”    

South Korea, which is known to be a technologically inclined nation, welcomes this nascent technology and takes steps to set the stage for it. The country has always been at the forefront of blockchain technology after being the first country to use blockchain technology in government offices before other countries followed suit. 

The Metaverse has become a hot topic in the World Economic Forum after its potential was discussed in the recently conducted World Economic Forum (WEF) 2022, where its importance in rescue and the medical sector was emphasized. The Metaverse, because of its virtual reality setup, can improve these two fields. 

Featured Image: Megapixl © Tanaonte

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