Metaverse Fund for Local Startups from South Korea

MetaversePlanet March 13, 2023Last Updated: August 14, 2024

0 1 minute read

South Korea has unveiled a new metaverse fund aimed at supporting mergers and acquisitions among companies within the metaverse ecosystem.

Amidst global concerns over crises and frauds, South Korea is capitalizing on the metaverse as a novel driver of economic growth. The nation, known for its swift response to crises, continues to make significant strides in development.

The Ministry of Science and ICT in South Korea has declared its investment in a fund designed to bolster metaverse projects within the country. As per the official statement, the South Korean government has allocated approximately $18.1 million to establish a fund exceeding 40 billion Korean won (about $572.5 million) dedicated to the advancement of the metaverse.

South Korea encourages companies as backing in metaverse fund

Metaverse Fund for Local Startups from South Korea

South Korea stands out as one of the most proactive nations in embracing new technologies, particularly in the fields of the metaverse and NFTs. Despite its stringent regulations on cryptocurrencies, the country is rapidly advancing in the realm of new technologies, as evidenced by the recently announced metaverse support fund.

Through the Metaverse Fund, South Korea intends to facilitate mergers and acquisitions among various companies within the metaverse ecosystem. This move underscores the government’s recognition of the increasing interest from major technology firms in the Metaverse.

Acknowledging the challenges local entities face in securing private investments due to inherent risks, the government is committed to bolstering domestic metaverse companies to level the playing field with international competitors:

“We plan to actively support metaverse companies.”

In January, Seoul initiated a groundbreaking project by launching a digital twin of the city in the metaverse, with the South Korean government allocating approximately 2 billion won ($1.6 million) for the project’s initial phase.

Meanwhile, in the physical realm, South Korea continues to enforce measures to safeguard against cross-border threats. In February, the country unveiled its first autonomous sanctions targeting cryptocurrency thefts and cyberattacks, specifically against certain North Korean groups and individuals.