The South Korean government, through its Ministry of ICT, Science and Future Planning, has announced its plan to invest in the metaverse industry by pledging KRW 223.7 billion ($186.7 million). The metaverse will improve the growth of the digital content sector of the country while heightening business processes in the country.
In an official statement published by the ministry, it stated that the purpose of the funds is to attain four major goals, which culminate in creating a metaverse ecosystem called the Extended Virtual World.
With the development of the metaverse project, the ministry will employ it to develop the virtual growth of the country in different aspects.
The Ministry has tailored the development process to allow talented content creators to get involved and contribute their quota. To attain this, contests and activities will be held to unveil these creative creators. Some of the contests proposed to be held include a hackathon, metaverse developer contest, as well as other creative activities.
In an interview with a news outlet, the CEO of Hashed, a VC firm, Simon Kim, pointed out that the South Korean government did not need to invest funding into the metaverse space since private organizations were already doing that. He believes that the government should instead protect the investors.
He added,
“This is the regulatory issue that the government should pay more attention to. In Korea, the publication of NFT games is prohibited and the issuance of tokens is also prohibited.”
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