South Korea becomes an early investor in the Metaverse
The Metaverse is gaining traction in South Korea, which has a well-known policy against cryptocurrency. The government will invest over 223.7 billion won (approximately $177 million) in Metaverse projects directly.
South Korea is one of the first national governments to invest in Metaverse technology. The expenditure was made under the “Digital New Deal” initiative, which committed funds to innovative technologies.
The Ministry of Science and Information and Communication Technology, led by Lim Hyesook, has dubbed the metaverse “an unexplored digital continent with limitless potential,” indicating the government’s enthusiasm in leading Metaverse technology.
The Metaverse is a term used to describe the virtual world that exists online, typically in the form of three-dimensional environments. It is also sometimes referred to as the “virtual reality internet.”
The Metaverse is a place where people can interact with each other and with digital objects in a way that mirrors real life. Think of it as a giant online playground where you can do anything you want, go anywhere you want, and be anyone you want.
Although the idea is new, it has generated tremendous interest in the cryptocurrency world after NFTs. Many of the world’s top technology companies, including Facebook, Google, and even Apple, have expressed interest in the idea. Facebook went so far as to convert its entire brand to Meta.
SK’s plan to invest in the Metaverse
The government’s investment will be focused on three key areas:
– Establishing the basic platform for the Metaverse
– Developing applications and services that can be used in the Metaverse
– Boosting international cooperation efforts to secure standards and protocols for the Metaverse.
This move signals a change in South Korea’s stance on crypto and blockchain technology. The country has been slow to embrace the industry, but this investment shows that the government is open to supporting new innovations.
The Metaverse is still in its early stages of development, but South Korea’s investment will help accelerate its growth. With more countries looking to invest in the Metaverse, it’s only a matter of time before this new technology becomes mainstream.
Looking ahead to a crypto-driven and metaverse-based society
South Korea is known to be a technologically progressive nation, and it has taken proactive measures to promote blockchain technology. It was one of the first governments to embrace blockchain applications in government services, which paved the way for other countries to follow.
The government is also supportive of the development of a local cryptocurrency exchange market.
The country’s largest conglomerate, Samsung, is also bullish on blockchain. The firm has filed multiple blockchain-related patents and is reportedly working on developing its own cryptocurrency. It has also partnered with several startups to develop dapps and explore new use cases for the technology.
The country’s leading crypto exchange, Bithumb, is also based in South Korea. The platform allows users to trade various digital assets and has built up a large user base.
Overall, South Korea is a friendly environment for blockchain development and adoption. The government is supportive of the technology, and many large corporations are actively involved in its development. This makes it a great place to launch a blockchain project or business.