The government of South Korea will be directly investing over $177 million into metaverse projects according to the country’s minister of science and information and communication technologies, Lim Hyesook. This will make South Korea one of the first countries in the world to invest government funds into the metaverse fields.
This investment comes as part of a new technology focus in South Korea. This includes the recently passed Digital New Deal which provides the government with a set of guidelines that allows it to help citizens transition into a fully digital society.
“It’s interesting, it’s predominantly a private sector and Big Tech-driven initiative and trend. Governments have not done much beyond South Korea,” Yugal Joshi, a partner at research firm Everest Group, told CNBC. “Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.”
South Korea has high hopes for the metaverse and the role it will play in the future. In fact, Lim Hyesook described the metaverse space as “an uncharted digital continent with indefinite potential.”
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