Wednesday, October 5, 2022

South Korea Unveils a Strategic $187M to Build the Metaverse

The Ministry of Science, Information and Communications Technology (ICT) of South Korea has openly declared its investment of 223.7 billion Korea won which translates to $187 million into the Metaverse. Based on a press release shared, the country intends to be the globally recognized hub of the metaverse amongst sovereign nations.

South Korea is bidding for the position of ‘5th largest metaverse market’ through a 5-year agenda which it is gradually implementing and plans to be home to the physical metaverse ecosystem. Empowering young talents in the metaverse and creating a conducive business environment is core focus of this investment.

The fundamental objectives of the expanded virtual world also defined as the metaverse was adjusted into four groups to encompass the broad view. The South Korean government plans to explore the metaverse to improve the development of virtual businesses in the country, including the educational and entertainment sectors.

The infotech ministry says it will put up curated content as well as equip its content creators with appropriate tools to boost their output and later attract the exact kind of mastery needed to improve the metaverse.

Innovative shows, imaginative training, programming events and competitions involving developers will be organized to foster community spirit. The metaverse program will provide monetary aid to participants to enhance commercial growth.

South Korea has been taking steps into the metaverse for some time now. In an earlier announcement, the government had stated its commitment to 40,000 experts and 220 firms which are metaverse-inclined.

The country’s capital Seoul is aiming to be the first city to gain entrance to the metaverse. Korea as a country needs to make adjustments to some of its questioned regulations. Non-Fungible Tokens (NFTs) are currently not allowed in gaming and for a nation like South Korea which holds a grand position in the gaming market, it comes off as a great disservice to its users.

Challenges in the Metaverse

The metaverse has recently been faced with resistance from nations like China. There have been suspected illegal activities associated with the virtual world according to Chinese authorities, and users have been instructed to watch out and tread carefully while looking out for spammers.

The fraudsters are exploring play-to-earn platforms, fabrication of metaverse innovations and some other dubious means to cheat users of their hard-earned funds. These amongst other challenges rock the growing metaverse world, and is billed to attract increased scrutiny from regulators across the board.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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