South Korea planning to invest $51M to support metaverse development

The South Korean Ministry of Science and ICT has recently revealed a significant investment of 27.7 billion Korean won, equivalent to US$21 million, into local services that aim to utilize the metaverse. The investment will support the development of 13 new projects across various sectors, including healthcare, education, and tourism. These projects will leverage the metaverse to improve public services, marking a major step forward in the country’s commitment to developing the metaverse ecosystem.

This announcement follows the news from earlier this week that South Korea will establish a $30 million metaverse fund aimed at helping startups expand their businesses. The fund will enable smaller enterprises in the metaverse sector to expand their operations globally through mergers and acquisitions. South Korea’s active investment in the development of the metaverse ecosystem is evident, with the country having invested approximately $185 million towards metaverse efforts in February 2022.

The government’s support for metaverse projects indicates its recognition of the growing significance of this technology. The metaverse has been identified as a potential driver of economic growth, and the government’s investment is aimed at ensuring that the country remains at the forefront of its development. The metaverse has significant potential to transform a wide range of sectors, from entertainment and gaming to education and healthcare. With its investment in metaverse initiatives, South Korea is positioning itself to take advantage of the opportunities that this technology presents.