South Korea to Invest $177 Million Directly in Metaverse Platforms

The South Korean government has announced the start of direct investment in the Metaverse project to stimulate national employment and enterprise in the sector, according to Science and Information and Communication Technology Minister Lim Hyesook. More than $177 million will be invested in the project. South Korea is one of the first countries to invest funds in this field.

Korea is entering the metaverse

While more VC firms and companies are actively investing in the future of the metaverse, some countries are preparing to invest in this new area to secure their future. South Korea is one such country, having recently announced its intention to invest directly in companies and initiatives related to the metaverse.

The investment, amounting to $177.1 million, will boost a national industry, announced Lim Hyesook, South Korea’s Minister of Science, Information and Communication Technology. He described the Metaverse as “an uncharted digital continent with unlimited possibilities,” indicating the potential the Korean government sees in this new technology.

This investment is part of the new technology that Korea has included in its Digital New Deal, a set of guidelines that the government is following to transition its citizens into a fully digital society.

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There are various companies and firms that have already invested in the metaverse, but not many countries have directly embarked on such investments. This is likely due to the fact that many regulatory issues have yet to be resolved regarding the operation of metaverse companies and the intersection of web3 technologies, which can include elements of cryptocurrency.

Javier Floren, CEO of NFT startup DNAverse, believes that experiments with metaverse and crypto will be heavily influenced by regulation. He states.

It will depend on how different countries approach the legal aspects. With any new technology, any disruptive ecosystem, any new venue for interaction, there will be problems, challenges, and certainly dangers.

{However, with Korea’s active participation in metaverse investment, other countries may follow suit. Yugal Joshi, a partner at Everest Group,toldabout this possibility. told CNBC.

Some things are happening piecemeal, but I think this tells us that the government is starting to take this more seriously because it is a platform for people to come together. Anything that brings people together is of interest to the government.

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