With an emphasis on the meta-verse’s potential to spur economic growth in the unstable cryptocurrency industry, South Korea has its sights set on it. A specific fund for supporting meta verse activities has been established in the nation by the Ministry of Science and ICT, with a commitment of over 40 billion Korean won ($30.2 million), of which 24 billion won ($18.1 million) have already been given. This investment is anticipated to accelerate the meta-verse’s growth in South Korea and might have significant effects on the nation’s high-tech sector.
Major tech corporations’ growing interest in the meta verse was the primary factor in the government’s decision to invest in the fund. The fund’s overall goal is to strategically support South Korea‘s meta verse development.
The government of South Korea also recognizes that local businesses operating in the meta-verse industry have trouble attracting private money due to the inherent dangers of such ventures. The government intends to assist in mergers and acquisitions and provide support to tiny meta-verse-related businesses that compete with major international entities in order to address this issue.
In related news, South Korea‘s largest telecom provider KT has unveiled a brand-new meta-verse platform called Genie Verse that allows users to replicate real houses virtually. The application enables users to rebuild their actual homes utilizing schematics of the interior architecture. Users can also construct their own avatars utilizing more than 1,000 things with AI-based digital twin technology. Currently, Google Play and the Apple Store are the only places to find Genie Verse.
There have been many announcements about South Korea’s investments in the meta-verse throughout the past year. A significant South Korean blockchain corporation, Dunamu, bet on web3 last summer by investing 500 billion won ($380 million) in startups and creating 100,000 new jobs over the following five years. The South Korean government, one of the first national governments to support the rise of the virtual world, has also already committed $177 million in the sector to assist and stimulate the expansion of jobs and businesses associated to the meta-verse.