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South Korean government sets up a metaverse fund

South Korea Passes New Cryptocurrency Law
South Korea Passes New Cryptocurrency Law

South Korea, one of the largest crypto economies globally known for having a harsh cryptocurrency framework, is taking big strides in the metaverse. The South Korean government has announced it will invest more than 223.7 billion won, valued at $177.1 million, in several metaverse projects.

South Korea plans to invest in the metaverse

By setting up a fund related to the metaverse, South Korea will be among the first countries that have made a foray into the metaverse. The 223.7 billion won investment will be under the “Digital New Deal” program that has been created to invest in emerging technologies.

This program is spearheaded by the science, information, and communication technologies ministry headed by Lim Hyesook. The official has previously said that the metaverse had “indefinite potential,” adding that the government had increased interest in partaking in metaverse offerings.

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A report by CNBC said that the investment fund would be used to create a metaverse platform that can be used to access different government projects and services. The investment could also make other countries also look towards the metaverse.

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The South Korean government started showing interest in the metaverse in February. At the time, two of the largest retail brands in the country announced they were venturing into the metaverse. The companies said they would use metaverse and artificial intelligence to boost customer experiences.

South Korea is big on embracing new technologies. The country has taken several strategic steps to boost the adoption of new technologies, including blockchain. It was also among the first governments that introduced new use cases for blockchain technologies, and other nations could soon follow suit.

The popularity of the metaverse

The metaverse is one of the most popular projects in the cryptocurrency sector. The metaverse is a virtual world where non-fungible tokens (NFTs) are used as a commodity. The metaverse concept is fairly new, but it has attracted attention from the crypto space and beyond.

Some of the largest mainstream companies in the technological sector are also moving into the metaverse. Facebook, Google, and Apple have all announced plans for the metaverse, with Facebook rebranding into Meta towards the end of last month.

The metaverse was also one of the primary concepts discussed during the World Economic Forum. During the event, experts predicted that the metaverse would be adopted across different sectors, including the medical and rescue sectors.

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