South Korea to invest $187M in national Metaverse
South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country.
The Ministry wrote in an official statement on Feb. 27 that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing Metaverse ecosystem titled the Expanded Virtual World.
The government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media.
Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform. The Ministry said that it will host community-oriented creative activities, a Metaverse developer contest, and a hackathon.
CEO of Hashed Simon Kim pointed out that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He told Cointelegraph today that he doesn’t think there is a problem with the government providing funding because “the private sector is actively investing in the metaverse market.” He continued:
Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in Metaverse projects such as Decentraland and The Sandbox.
Head of Communication and Policy Department at the Ministry Park Yungyu stated in the announcement that this initiative to build a Metaverse platform is part of the broader ‘Digital New Deal’ in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park who added:
The Ministry also expects its Metaverse to have a global reach since there will
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