The government will invest $186.7 million to help build a metaverse platform that it believes would attract firms and industries.
The Ministry of ICT, Science, and Future Planning in South Korea has committed 223.7 billion Korean won ($186.7 million) to the creation of a comprehensive metaverse ecosystem to support the growth of digital content and corporate growth in the country.
According to an official statement released by the ministry on Sunday, funding will be used to complete four primary objectives in the creation of what looks to be an all-encompassing metaverse environment known as the “Expanded Virtual World.”
The government agency plans to use its metaverse to expand the virtual industrial expansion of cities, education, and media.
Content makers will be aided in attracting the best personnel to help expand the platform on several fronts. According to the ministry, community-oriented creative events, a metaverse developer contest, and a hackathon will be held.
The new metaverse platform, according to Hashed CEO Simon Kim, is focused on increasing commercial expansion by giving financial support to players. He told Cointelegraph on Monday that he does not believe the government should subsidise the metaverse market because “the private sector is aggressively investing in the metaverse market.” He went on to say:
Hashed is a crypto ecosystem venture capital and incubator based in South Korea. It has backed initiatives like Decentraland and The Sandbox in the metaverse.
The plan to establish a metaverse platform, according to Park Yungyu, chief of the ministry’s communication and policy department, is part of South Korea’s broader “Digital New Deal.” According to Park, the Digital New Deal is a series of policies aimed at fostering the growth of digital technology.
Because there would be seamless access to South Korean enterprises over time, the ministry intends its metaverse to have a worldwide reach. It intends to help corporate growth by providing financial assistance and technology advancement.
The additional support, according to Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, is a “good indication” that the Korean government is interested in the metaverse. He told Cointelegraph on Monday that opportunists who try to profit from it “should be screened out” because of the finance involved, but that:
“With the Korean government’s help, outstanding enterprises establishing a digital economy in the metaverse will be able to prosper.”
Since last year, Seoul’s municipal government has been considering its alternatives for a public metaverse place. The tentative plans for a “Metaverse 120 Center” were announced last November.
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