Maximise your Metaverse potential with Ommyo, dedicated to giving you 0.5% rewards daily. I'm going in!

South Korea plans to fund $187 million in a metaverse project

3 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

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.



Currency Exchange rate Buy cryptocurrency

Ommyo News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyonews.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.