With funding of almost $185M, the Ministry of Science will be looking to increase its earlier efforts to integrate the metaverse into the country.
By being one of the most technologically advanced countries, South Korea has been eager to build on its blockchain development since 2020. However, metaverse projects had taken a lot of the country’s attention in late 2021.
The metaverse is pretty much a virtual world that lets people connect with each other. While that is no different from traditional virtual reality (VR), users in the metaverse are promised to have more interactive experiences, and rewarding participation thanks to blockchain technologies.
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Based on the announcement by the South Korean government, earlier reported by Forkast, the Ministry of ICT will be putting in $185 million to implement blockchain technologies into the entertainment business, alongside integrating the metaverse into highly digitized cities.
Even though the project is still in its early stages, the government of South Korea seeks to reach the global market by creating a full-fledged national metaverse, encouraging individual content creators and IT professionals to join the efforts.
Likewise, South Korea’s government will be looking into potential security risks in the metaverse by creating certain policies, protecting the artwork by content creators, and ensuring user information privacy.
Park Yungyu, who is the Ministry’s Head at the Communication and Policy Department, spoke on the upcoming metaverse project, highlighting its potential on making South Korea the center of blockchain, or, more specifically, metaverse innovations by creating a "world-class metaverse ecosystem."
While the funding sum for the national metaverse project seems large enough, the capital of South Korea was reported to invest even more into its blockchain efforts. Earlier in January, Seoul’s government announced that they will be investing 350 billion KRW (about $292 million) into its Metaverse Seoul project.