South Korea Will Invest $187 Million In National Metaverse Project

South Korea will invest $187 million in a National Metaverse project in order to stimulate the growth in hopes business and industries will thrive so let’s read further in our latest cryptocurrency news.

South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion Korean won in order to create a broad metaverse ecosystem to support the growth of digital content and corporate growth in the country. The ministry wrote in the official statemetn that funds will be spent on completing four main objectives in creating what seems to be an all-encompassing metaverse ecosystem titled the Expanded Virtual World. The agency also aims to use its metaverse as a platform for expanding the virtual industrial growth of media and cities but also education.

The content creators will enjoy support on multiple fronts and attract the right talent to help build the platform so the ministry also said that it will host community-oriented activities and a metaverse developers content as well hackathon. Hashed CEO Simon Kim also noted that the new metaverse platform has the main focus on boosting commercial expansion by providing financial support for its participants. He said that he doesn’t think there will be a problem with the government providing funding because the private sector is investing in the metaverse market:

“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 South Korean crypto ecosystem incubator and invested in metaverse projects like The Sandbox and Decentraland. The head of communication Park Yungyu stated that this announcement to create a metaverse platform is a part of the broader deal in South Korea. The Digital new Deal is a set of new policies that are designed to foster the growth of digital technologies:

“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”

The ministry expects its metaverse to have a global reach because there will be seamless access to the South Korean companies over time. South Korea will invest in the metaverse space and plans to offer financial support and tech development as well. The co-founder of DeSpread Jason Ye said the funding is a positive signal:

“Outstanding companies building a digital economy in the metaverse will be able to thrive with the Korean government’s support.”