South Korea has decided to bet big on technologies related to the metaverse. The Ministry of Science and Information and Communication Technology has announced the release of 233.7 billion won ($185 million at the current rate) to promote the development of this sector.
South Korea wants to support the development of the metaverse
The announcement was made yesterday on the ministry’s website. South Korea wants to develop its own ecosystem of virtual worlds and non-fungible tokens (NFT), in the framework of the metaverse. That’s why the government is betting these billions of won, which will be used for various projects.
South Korea will first train experts: it announces the opening of a training center to “train young experts” on digital worlds. In addition, a significant part of the budget will be devoted to virtual reality and augmented reality equipment. Their distribution and marketing will be encouraged by the government.
Establish a framework from the start
Notably, the government is also announcing that it wants to clean up virtual worlds from the start. It will change the legal framework that applies to them, and establish “ethical principles” to protect users. He also wants to encourage self-regulation by the communities that are created.
It is a public/private cooperation which is envisaged by the government, which does not want to let the virtual worlds exist apart. It also wants to use virtual worlds to promote the cultural influence of South Korea, thanks to digital tourism, as well as elements that take up the history of the country. The goal is assumed: “to support a leading platform of the metaverse, based on the decentralization and the economy of the creators”.
It is interesting to see a whole country developing solutions for these technologies, which are still in their infancy. South Korea wants to position itself early on in the metaverse, and its bet to become a leader in the field may well come true.
