Despite robust regulations for crypto-assets and a prohibition on NFTs, the South Korean administration is making enormous efforts to create a metaverse
South Korea is working hard on the new tech fad and strategies to use at least $187 million, or 223.7 South Korean won, to build a metaverse environment.
The Asian nation’s information technology ministry revealed its compromise to invest the funds to create a functional metaverse ecosystem to back up the constant increase of digital content and corporate growth within the nation. The Ministry of ICT said that they want to improve their expertise in the metaverse and build a friendly business environment behind this platform.
South Korea and the Metaverse
According to a report led by Business Insider, the government agency explained a series of achievements they want to reach with the project. The first one is the creation of an expansive metaverse. The metaverse platform would also host community-oriented creativity actions and metaverse development content.
According to the ministry’s information reported by news channels, content creators will receive backup from the strategy. At the same time, hackathons and other events oriented to developers will boost the community of virtual lovers.
The government firmly believes that developing a national virtual environment will be the key to boosting South Korea’s education industry. The ministry also highlighted in the statement that it also desires to offer the creation of friendly laws and regulatory infrastructure to encourage the metaverse.
The investment arrives as the key to South Korea’s “Digital New Deal,” a set of bills that intend to help digital technologies such as the metaverse and artificial intelligence platforms grow in a healthy environment.
Seoul Could Become the First Metaverse City
This plan is not the first time the South Korean administration has revealed interest in the metaverse. The most recent announcements reinforce the efforts of the country to create a healthy environment for developers and crypto lovers.
The ministry stated that the metaverse could generate at least 1.5 million jobs in January. The entity also had advanced strategies to train more than 40,000 professionals specializing in the metaspace.
Through VR headsets, citizens could go to a virtual town hall as avatars instead of assisting the place in real life. They will also gain the ability to virtually go to the vast tourist places in Seoul and the representative festivals of the capital; the system would also include locations of municipal administration.
The national innovation effort could pose a significant change in policies on crypto-assets. Currently, South Korea has one of the most prominent and robust regulations for digital currencies. The country also prohibited the implementation of non-fungible tokens in video games and prohibited tokens, both of which get deeply connected to the metaverse.
By: Jenson Nuñez
