The Ministry of ICT, Science, and Future Planning said in a statement that the funds will be used towards the completion of four main objectives Sout
The Ministry of ICT, Science, and Future Planning said in a statement that the funds will be used towards the completion of four main objectives
South Korea is set to invest US$186.7mln towards the creation of its metaverse ecosystem, which aims to support digital content and corporate growth within the country.
The Ministry of ICT, Science, and Future Planning said in a statement that the funds will be used towards the completion of four main objectives to create an all-encompassing metaverse.
It also said the metaverse will act as a platform to expand the virtual industrial growth of cities, education and media.
The government body added that content creators will receive support to ensure the best people are involved in building the platform, including hosting creative activities, a metaverse developer contest and a hackathon.
It also hopes that its metaverse will have a global reach, giving people outside of South Korea access to South Korean companies in the virtual space.
Simon Kim, chief executive of Hashed, a crypto assets fund based in San Franciso and Seoul, told Cointelegraph that the platform will specifically be focused on boosting commercial expansion in the metaverse by providing government support for its members.
Hashed has invested in some of the earlier metaverse projects such as Decentraland and The Sandbox, with Kim adding in Cointelegraph that government funding isn’t a problem given “the private sector is actively investing.”
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