Reports said that South Korea’s Ministry of ICT, Science, and Future Planning has pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country.
It has been reported that the Ministry wrote in an official statement on February 27 that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing Metaverse ecosystem titled the Expanded Virtual World.
However, the government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media. Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform.
The report said that the Ministry said it will host community-oriented creative activities, a Metaverse developer contest, and a hackathon.
Simon Kim, the CEO of Hashed, pointed out that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He said that he doesn’t think there is a problem with the government providing funding because “the private sector is actively investing in the metaverse market.”
“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”
Likewise, Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in Metaverse projects such as Decentraland and The Sandbox.
Park Yungyu, the Head of Communication and Policy Department at the Ministry, stated that this initiative to build a Metaverse platform is part of the broader ‘Digital New Deal’ in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies.
“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The Ministry also expects its Metaverse to have a global reach since there will be seamless access to South Korean companies over time. It plans on providing support for corporate growth by offering financial support and technological development.
Thus, Seoul’s municipal government has also been exploring its options regarding a public Metaverse space since last year. Last November, tentative plans for a “Metaverse 120 Center” were announced.