South Korean Move into the Metaverse: Exploring the Virtual Universe

MetaversePlanet January 24, 2022

0 1 minute read

In the rapidly evolving virtual universe of the Metaverse, where even virtual land and commodities are being traded, national ambitions are scaling up. South Korea has initiated efforts to become one of the leading economies in the Metaverse world.

Having previously announced its aim to be the first country to make a significant entry into the Metaverse, South Korea is now mobilizing resources to achieve this goal.

The government is set to allocate a substantial budget to establish itself as one of the largest Metaverse markets within the next four years.

Metaverse country South Korea

The concept of the Metaverse, uniting virtual worlds, has been around for a while but gained prominence after Facebook rebranded its parent company to Meta. This shift sparked a surge in related cryptocurrencies, especially within the crypto world.

Contrary to common association with cryptocurrencies, the Metaverse is a broader and more independent domain, attracting significant future investments. South Korea has set an ambitious goal to become the world’s fifth-largest Metaverse market within the next four years.

The Ministry of Science in South Korea is crafting a strategy to spearhead this new trend, aiming to establish a thriving ecosystem for Metaverse platforms.

Their strategy encompasses several key steps: firstly, bringing the ecosystem to life; secondly, recruiting skilled professionals; thirdly, supporting companies; and lastly, ensuring the ecosystem is reliable and secure.

In line with these goals, South Korea anticipates hiring 40,000 experts and backing 220 companies. For instance, government services could be integrated into the Metaverse. Additionally, Korean education might be offered through Metaverse platforms.

As part of this initiative, a Metaverse academy will be established to nurture young talents. Starting this year, a budget of $4.6 million will be allotted to each platform, limited to two training platforms.

Furthermore, national tournaments will be organized to foster domestic software development. One of the objectives is for each company benefiting from the program to generate a minimum annual revenue of $4 million.