{"id":410558,"date":"2022-02-28T08:57:22","date_gmt":"2022-02-28T05:57:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-korea-to-invest-187m-in-national-metaverse-project\/"},"modified":"2022-02-28T08:57:22","modified_gmt":"2022-02-28T05:57:22","slug":"south-korea-to-invest-187m-in-national-metaverse-project","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-korea-to-invest-187m-in-national-metaverse-project\/","title":{"rendered":"# South Korea to invest $187M in national Metaverse project"},"content":{"rendered":"

“# South Korea to invest $187M in national Metaverse project <\/strong>”
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South Korea\u2019s Ministry of ICT, Science<\/a>, and Future Planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country.<\/p>\n

The Ministry wrote in an official statement<\/a> on Feb. 27 that funds will be spent on completing four main objectives in creating what app<\/a>ears to be an all-encompassing Metaverse ecosystem titled the Expanded Virtual World<\/em>. <\/p>\n

The government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media<\/a>.<\/p>\n

Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform. The Ministry said that it will host community-oriented creative activities, a Metaverse developer contest, and a hackathon.<\/p>\n

CEO of Hashed Simon Kim pointed out that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He told Cointelegraph today that he doesn\u2019t think there is a problem with the government providing funding because \u201cthe private sector is actively investing in the metaverse market.\u201d He continued:<\/p>\n

\u201cIt is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT game<\/a>s is prohibited, and token issuance is also prohibited.\u201d<\/p><\/blockquote>\n

Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in Metaverse projects such as Decentraland and The Sandbox.<\/p>\n

Head of Communication and Policy Department at the Ministry Park Yungyu stated in the announcement that this initiative to build a Metaverse platform is part of the broader \u2018Digital New Deal\u2019 in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park who added:<\/p>\n

\u201cIt is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.\u201d<\/p><\/blockquote>\n

The Ministry also expects its Metaverse to have a global reach since there will be seamless access to South Korean companies over time. It plans on providing support for corporate growth by offering financial support and technological development.<\/p>\n

Related: <\/em><\/strong>Monster Energy files NFT and metaverse trademark applications<\/em><\/strong><\/p>\n

Seoul\u2019s municipal government has also been exploring its options regarding a public Metaverse space since last year. Last November, tentative plans for a \u201cMetaverse 120 Center\u201d were announced.<\/p>\n