South Korea has made a bold move in the midst of uncertain financial times by launching a new fund to support the development of the metaverse. The Ministry of Science and ICT has invested 24 billion Korean won ($18.4 million) into the fund, which is currently valued at $40 billion Korean won ($30.2 million). This strategic investment will assist with mergers and acquisitions between companies within the metaverse ecosystem and promote domestic metaverse initiatives to compete on a global scale.
A Strong Statement of Intent
The South Korean government’s decision to create the ‘Metaverse Fund’ is a statement of intent, revealing their ambition to drive the digital age forward. They are fully aware that the growth of domestic technology is dependent on heavy investment, and the metaverse is no exception. This venture capital investment will help realize the full potential of the metaverse, positioning South Korea at the forefront of this rapidly evolving industry.
Leading the Way in the Metaverse
South Korea has already launched its own national metaverse, with Seoul becoming the first city to introduce its own fully immersive virtual world. The government is investing $187 million into ‘Metaverse Seoul’, a project aimed at promoting growth in art, industry, education, and media. The virtual city hall is a prime example of this initiative, enabling citizens to tour historic sites and file civil complaints.
South Korea’s Vision for the Digital Age
The country’s vision for the digital age is bold, with plans to invest 58.2 trillion won ($44.6 billion) into the industry under the ‘Digital New Deal’ scheme. This initiative involves providing venture capital to the industry, supporting its growth, and ultimately, creating one of the top 5 metaverse industries in the world. Experts predict that the South Korean metaverse industry will be worth 400 trillion won ($306.5 billion) by 2026, making now the ideal time to invest in this burgeoning sector.
The Metaverse: A Driver of the Economy
The potential of the metaverse to drive the economy forward is not lost on the South Korean government. With millions of new virtual jobs expected to emerge in the metaverse, the government is investing in higher education courses that focus specifically on metaverse training. However, the government remains cautious regarding cryptocurrency and is strictly regulating play-to-earn games in South Korea due to their speculative nature. Nonetheless, they remain committed to blockchain technologies, as demonstrated by their ongoing support for Metaverse Seoul.
The Future of the Metaverse
In phase two of Metaverse Seoul, which is set for completion in 2024, the metaverse will expand to include real estate counseling and connect foreign investors with local industries. This initiative demonstrates South Korea’s commitment to advancing the metaverse and leveraging its potential to drive economic growth. South Korea’s launch of the ‘Metaverse Fund’ is a visionary move that positions the country at the forefront of the digital age. With its commitment to supporting the growth of the metaverse, the government is laying the foundations for a prosperous future in which the metaverse plays a vital role in the global economy.