South Korea’s growing interest in emerging technology may lead other countries to consider the Metaverse concept more seriously.
South Korea, known for its tough crypto regulatory stance, is placing a large bet on the Metaverse. The government would directly fund more than 223.7 billion won ($177.1 million) in several Metaverse initiatives.
South Korea is one of the first national governments to invest in emerging Metaverse technology. The investment was made under the “Digital New Deal” initiative, which was established to invest in developing technology.
South Korea’s Ministry of Science and Information and Communication Technology is in charge of the program, which is led by Lim Hyesook, who described the metaverse as “an uncharted digital continent with indefinite potential,” indicating the government’s interest in taking the lead in Metaverse technology.
According to CNBC, the national money would first be used to develop a metropolitan-level metaverse platform that would allow individuals to digitally access different government initiatives and services.
The South Korean government’s funding in Metaverse initiatives may inspire other countries to do the same.
The South Korean government’s growing interest in the Metaverse was first reported in February when two big shops introduced metaverse and artificial intelligence integration for their platforms to improve the consumer experience.
South Korea, a technologically advanced country, has taken strong efforts to promote the emerging technology of blockchain. It was one of the first nations to provide blockchain use cases for government agencies, setting the standard for other countries to follow.
The Metaverse is a virtual reality environment in which a nonfungible token (NFT) serves as a commodity (a piece of land, cloth, avatar, etc.). Despite the fact that the concept is relatively new, it has generated the most excitement in the crypto community after NFTs. All of the big mainstream tech companies, including Facebook, Google, and even Apple, have expressed strong interest in the notion. Facebook even went so far as to rename itself, Meta.
The Metaverse was a key topic of discussion at the recently concluded World Economic Forum (WEF) 2022, where experts predicted that it would help in a variety of fields, particularly medical and rescue operations, where it is sometimes impossible for humans to carry out tasks in person, and a virtual reality set-up can help enormously.