South Korea announced that it would invest in metaverse-related projects. According to Lim Hyesook (minister of science, information, and communication technology), more than $177million will be used to fund national companies and jobs in the field. South Korea was one of the first to invest in this area.
South Korea Enters the Metaverse
While there is more investment from VC firms and corporations in the future metaverse, others are also preparing for investments in this new sector to protect the future. South Korea has recently made it clear that it intends to direct its investment in metaverse-related companies and initiatives.
Lim Hyesook (South Korean minister for science and information technologies) announced that $177.1 million will be invested to start the nation’s economy. He stated the metaverse is “an uncharted digital continent with indefinite potential,” showing the possibilities the South Korean government sees in this new technology.
The South Korean government has made the investment as part of its new tech focus in South Korea’s Digital New Deal. This is a series of guidelines the government follows to encourage citizens to move to digitally-enabled societies.
Virgin Field
Although there are many firms and companies investing in metaverses, few countries have done so directly. There are many questions that remain unanswered regarding the operation and integration of Web3 technologies. These could also include the possibility of incorporating cryptocurrencies into the mix.
Javier Floren CEO at NFT startup DNAverse believes regulation will greatly influence the metaverse as well as crypto experiment. He added:
It’s going to depend on how different countries approach the legal side. There will always be problems, risks, and challenges with any disruptive technology and all new interactions.
South Korea has been actively involved in metaverse investment and other countries could follow. Yugal Joshi, a partner at Everest Group, spoke to CNBC about this possibility.
Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything that brings people together makes governments more interested.
Do you have any thoughts about South Korea investing in metaverse businesses? Leave a comment below.
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