Details About South Korea’s Metaverse Investment
The Ministry of Science and ICT in South Korea announced on Sunday, that $185 million (KRW 223.7 billion) will be invested to build the country’s metaverse ecosystem.
South Korea’s metaverse ecosystem is improving and growing, despite a few setbacks. However, such a big investment can significantly boost progress.
According to reports, the Ministry of Science and ICT will be using its war chest to:
- Develop the decentralized creator economy
- Nurture talents, which will eventually benefit the country
- Support firms in the country that develop AR or VR devices
While the Metaverse ecosystem is anticipated to bring a lot of new opportunities for the people, there needs to be a check and balance of security and other aspects too.
To make sure everything runs smoothly and with minimum issues and inconveniences, a pan-government councilwill be formed. This council will handle issues in the virtual space such as:
- Protection of intellectual property
- Protection of personal information
- Supervision of illegal acts
At the beginning of 2022, the ministry also announced a strategy to become one of the top five global Metaverse leaders in the next five years.
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