April 17, 2024

South Korea Funds Metaverse Project With $187 Million

After Mark Zuckerberg stated that his company would be investing in the metaverse and rebranded Facebook to Meta, the conversation has revolved around who will dominate the virtual world. South Korea’s most recent investment adds a new dimension to the debate over which country would rule the metaverse. As part of its efforts to expand the virtual space in its crypto centers, the Asian government has allocated $187 million to a national metaverse initiative.

The Ministry of Science, ICT, and Future Planning has allocated 224.7 billion KRW, which is approximately $185.7 million, to develop a Metaverse network to promote the expansion of virtual content and business enhancement in South Korea.

Expansion Of Metaverse Project

According to a public announcement from the institution on the 27th of February, money will be provided to complete four major objectives in creating the Expanded Virtual Universe, which will cover all areas of the metaverse.

The government department plans to use this metaverse initiative to boost the digital industrial growth of different sectors of its economy and the media, education, and cities.

Those who are into content creation will be assisted in attracting the specialized personnel to help advance the network on all fronts. From the announcement made by the Ministry, events that will be held on the metaverse include creative events that are community-driven, a hackathon, and a contest for virtual developers.

The Government Should Pay Attention To Regulation Of The Platform

As stated by the Chief Executive of Hashed, Simon Kim, the latest Metaverse project will increase commercial development by giving funding to players. He informed Cointelegraph there is nothing wrong if the state government decides to make funds available for the project as “the private institutions are already investing in the virtual world.” He went on to say: “The authorities should attach more importance to the issue of regulation.”

Hashed is a cryptocurrency ecosystem and investment company based in South Korea. The Sandbox Decentraland are some Metaverse initiatives the company has financed over the years.

In the Ministry, Park Yungyu, the Director of Communication, indicated that the plan to establish a virtual ecosystem is part of the country’s wider ‘Virtual New Deal.’ Yungu noted the Virtual New Deal refers to strategies that will push digital tech development.

The government believes the metaverse  will improve on a global scale since there will be easy access to the enterprises in South Korea. The Ministry also intends to provide financial support and technological aid to ensure its metaverse project succeeds.

Other individuals have commended the government’s action and believe it’s a good decision for the state. However, others are skeptical that the platform would encourage child abuse and should be strictly regulated as the authorities have done to NFTs.

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