The government will invest $186.7 million for the development of a metaverse platform in which it aims industries and companies will grow.
The Ministry of ICT, Science, and Future Planning in South Korea has committed 223.7 billion Korean won ($186.7 million) to the emergence of a wide metaverse space to enhance the development of digital content and business expansion in the nation.
According to an official statement issued by the ministry on Sunday, funds will be invested in accomplishing four major goals in the creation of what seems to be an all-encompassing metaverse ecosystem termed the "Expanded Virtual World."
The government entity plans to use its metaverse as a platform for accelerating the virtual industrialization of cities, training, and media.
Content creators will receive assistance on various levels to entice the suitable skillset to support the development of the platform. As per the ministry, it will conduct community-focused creative events, a metaverse developer competition, and a workshop.
According to Hashed CEO Simon Kim, the new metaverse platform is particularly centred on enhancing commercial growth by providing monetary support to attendees. On Monday, he stated that he does not see any issue with the government providing funding because "the private sector is actively investing in the metaverse market." He went on to say:
“It 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.”
Hashed is a cryptocurrency ecosystem venture capital and incubator based in South Korea. It has backed projects like Decentraland and The Sandbox in the metaverse.
Park Yungyu, the ministry's head of communication and policy, said in the statement that the effort to create a metaverse platform is part of South Korea's broader "Digital New Deal." According to Park, the Digital New Deal is a series of policies created to boost the expansion of digital innovations. He also added:
“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The ministry also forecasts that its metaverse will have a worldwide reach as a result of better accessibility to South Korean companies over time. It intends to endorse corporate growth by providing financial assistance and technological development.
The new investment, according to Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, is a "positive signal" that the Korean government is keen on the metaverse. He said on Monday that because of the funding associated, opportunists who try to take advantage of it "should be filtered out," but that:
“Outstanding companies building a digital economy in the metaverse will be able to thrive with the Korean government’s support.”
Over the last year, Seoul's municipal government has been researching its choices for a public metaverse space. Proposals for a "Metaverse 120 Center" were unveiled in November of last year.