The South Korean government’s increasing focus on emerging technologies, particularly the metaverse, may serve as an impetus for other nations to follow suit.
Renowned for its stringent regulatory stance on cryptocurrency, South Korea is now making substantial strides in the metaverse arena. The government is set to directly invest 223.7 billion won (approximately $177.1 million) in various metaverse projects, marking a significant milestone as the first national government to engage in such initiatives.
This investment falls within the purview of the “New Digital Deal” program, designed to channel funds into emerging technologies. Administered by the Ministry of Information and Communications Technology, led by Lim Hyesook, this program underscores the government’s commitment to pioneering metaverse technology.
Hyesook described the metaverse as “an unmapped digital continent with uncertain potential,” emphasizing the government’s determination to take a leading role in this domain. Initial utilization of the national funding will involve the creation of a metropolitan-level metaverse platform, enabling citizens to virtually access various government plans and services, as reported by CNBC.
The South Korean government’s proactive stance in investing in metaverse projects is likely to inspire other nations to explore similar avenues. Reports of this interest emerged in February when major market players announced their integration of platforms with the metaverse and artificial intelligence to enhance the customer experience. South Korea’s reputation for technological advancement is reinforced by its proactive steps in promoting blockchain technology, setting precedents by offering “blockchain use cases for government departments.”
The term metaverse encompasses virtual worlds where assets such as lands, buildings, avatars, clothing, and even names are traded, often involving cryptocurrency transactions. Despite being a relatively new concept, the metaverse gained significant attention in the crypto world after the rise of NFTs.
Major tech companies like Facebook, Google, and Apple have expressed keen interest in the metaverse, with Facebook even undergoing a rebranding to Meta. The recent World Economic Forum (WEF) in 2022 also highlighted the metaverse as a key agenda topic.
Experts anticipate that the metaverse will play a crucial role in various fields, aiding in missions requiring human presence, especially in challenging or medical rescue operations.
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