South Korea Ready To Develop National Metaverse

2022-02-28 21:40:40
South Korean National Metaverse

The government of South Korea revealed that it will invest $186.7 million (223.7 billion Korean Won) into a national metaverse project, called ‘Expanded Virtual World’. According to the official document issued by the Ministry of ICT, Science and Future Planning of South Korea, the goal of this project is to create the perfect ecosystem in order to usher in a new era of digital industrial growth of the cities, media and education.

Moreover, the Ministry revealed that all of the funds for the upcoming metaverse are reserved for accomplishing the four goals of the government for the digital ecosystem. Some of these include engaging pretty much all talented content creators that will be tasked to create the platform for the metaverse.

And in order to arrange this exchange, the Ministry revealed that it will host several events, both digital and physical.

Consequently, creators of the blockchain community in South Korea can expect a bunch of creative group activities, a hackathon (hacking contest) and of course, content specifically for metaverse development.

As per the official statement, the government wants to produce the right conditions in order to promote and support the increasing number of digital content creators, as well as industrial and corporate growth in South Korea.

The Digital New Deal

The head of the communication and policy department at the Ministry of ICT, Science and Future Planning, Park Yungyu, states that this metaverse project is part of the bigger picture, or what the government calls the ‘Digital New Deal’. According to Park, the ‘Digital New Deal’ is a unique legal framework that is specifically created to cultivate the new era of digital technology, including the metaverse.

This is one of the most important aspects of the ‘Digital Deal’, being that the government of South Korea fully expects the metaverse to soon have a global impact. As a result, South Korea openly vows to assist the digital growth of corporations both technologically, and financially. Moreover, the head of the Ministry said the following:

It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.Park Yungyu | Head of the Communication and Policy Department - Ministry of ICT, Science and Future Planning

Aside from the willingness to invest 187.6 million dollars in a national metaverse project, South Korea is quite engaged in the national blockchain interests, in contrast to other countries. In fact, back in November of 2021, the municipality of Seoul revealed its metaverse plans, by announcing the ‘Metaverse 120 Center’.

Moreover, South Korea has already taken serious action in order to impose a clear legal framework for crypto regulation as well. Something that many South Korean crypto exchanges found rather daunting to comply with.

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