South Koreaโs 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 Cryptox today that he doesnโt think there is a problem with the government providing funding because โthe private sector is actively investing in the metaverse market.โ He continued:
โIt is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.โ
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 โDigital New Dealโ 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:
โIt is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.โ
The Ministry also expects its Metaverse to have a global reach since there will be seamless access to South Korean companies over time. It plans on providing support for corporate growth by offering financial support and technological development.
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Seoulโs municipal government has also been exploring its options regarding a public Metaverse space since last year. Last November, tentative plans for a โMetaverse 120 Centerโ were announced.
