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South Korea’s Ministry of Science has announced that it will invest KRW27.7 billion (US$21 million) to build local projects in the metaverse.
In an official disclosure, the ministry said the allocated funds will be used to support 13 new projects leveraging cyberspace in the health, tourism and education industries. Apart from just sinking funds, the Ministry of Science added that startups will also receive technological and regulatory support so they can develop.
The ministry announced that it will also invest KRW40 billion (US$30 million) to fund small companies involved in cyber projects. The ministry said this will be used to urge small companies to pursue mergers and acquisitions that will strengthen the local ecosystem.
South Korea has been pursuing metaverse dominance since 2021, opting for a broad national outlook for cyber development. Since early 2022, the South Korean government has spent more than $185 million to support companies and creators building the metaverse with plans to expand the state-supported metaverse worldwide.
South Korea stands as the most aggressive and persistent government in pushing for the development of the metaverse,” technology journalist Nina Xiang told one news outlet. “The rest of Asia doesn’t have the kind of metaverse program that is similar in scale and scope to that of the South Korean government.”
The country recently announced work on Seoul’s Metaverse, a replica of the South Korean capital, which is expected to be completed in 2026. According to the disclosure, the move is designed to expand the city’s public services into a virtual world, allowing avatars to access taxes. offices and counseling facilities.
The country’s tech-savvy population and proliferation of several tech companies offer validity to South Korea’s grand ambitions. The country’s domestic hardware industry is expected to widely offer hardware solutions to realize its metaverse dream.
A bold new world ethic
South Korea’s Ministry of Science launched a metaverse strategy to guide the country’s steady movement into cyberspace. The strategy consists of ethical principles and a roadmap that is anchored in four key ambitions, including creating an enabling environment and deepening the existing talent pool.
Ethical principles include the promotion of authenticity, autonomy, respect for privacy, inclusivity and fairness. The metaverse strategy is the brainchild of a collaboration of experts drawn from engineering, law, ethics and data protection.
Watch: Activating the Real World Metaverse
https://www.youtube.com/watch?v=aA1If7LuHGY width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
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