South Korea to Bet $177 Million on Metaverse

• South Korea is set to invest $177.1 million in the metaverse, one of the first investments in the industry to be made by a national government.

• The country’s Minister of Science and ICT Lim Hyesook called the metaverse an uncharted digital continent with great potential.

• The move is expected to provide other countries with a blueprint to follow.

The government of South Korea has announced that it is set to start investing in metaverse projects. The fund will be put directly into companies and initiatives related to the metaverse.

The investment, which amounts to $177.1 million, will be used to kickstart the industry in South Korea, according to the minister of science, information and communication technologies of South Korea, Lim Hyesook.

He called the metaverse “an uncharted digital continent with indefinite potential,”

The huge investment is coming as a part of South Korea’s focus on the digital world. The country recently introduced the Digital New Deal, a set of guidelines that it plans to use to push citizens’ transition into a fully digital society.

While there are various companies and firms that are already investing in the metaverse, South Korea is the first country to show interest in the digital space officially. This is likely because there are a lot of regulatory gray areas surrounding the operation of metaverse companies and web3 technologies.

Read also: Apple and Samsung Cut Phone Production in 2022 as Inflation Hits Hard

Other countries in Asia are beginning to take notice. Shanghai’s authorities have been encouraging public services to be built with the metaverse in mind.

According to CNBC, tech giants in China such as Tencent and Alibaba have shown interest in developing metaverse products.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news and entertainment gist.