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South Korea’s New Metaverse Project

The Metaverse sector, which gained significant traction in 2021, experienced a decline in popularity throughout 2022 despite initially capturing global attention. However, with the onset of the new year, interest in the Metaverse has been rekindled.

Recent research on the Metaverse suggests that by 2030, this virtual world could evolve into a market worth $1 trillion. The Metaverse, closely linked to the cryptocurrency sector in commercial activities, is anticipated to grow in tandem with the development of the crypto industry.

In line with these developments, significant news has emerged from South Korea, a country renowned for its technological advancements in Asia. The capital city, Seoul, has introduced the “Metaverse Seoul” project, designed for its citizens.

This project aims to create a virtual version of Seoul, facilitating interaction with citizens through various activities. Expected to become operational this year, Metaverse Seoul will initially include a corporate support center, virtual renditions of the top 10 tourist attractions in the capital, and a fintech lab. Future plans include services targeting the youth, public service consultancy, and the virtualization of tax services.

Seoul Metaverse project will continue to expand

South Korea's New Metaverse Project
South Korea’s New Metaverse Project

Seoul’s Mayor, Oh Se-hoon, has stated that their Metaverse project is designed to offer a comprehensive service accessible to everyone, irrespective of time and location constraints.

With this initiative, Seoul is poised to take a significant step by pioneering the world’s first city-supported Metaverse project. The project is anticipated to have a budget of around $1.6 million. Looking ahead, there are plans to expand Metaverse investments, including real estate consultancy and establishing a hub for foreign investors interested in local businesses.

Consequently, South Korea continues to solidify its position as a frontrunner in the Metaverse and Blockchain industries.

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