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South Korea believes in metaverse

By 2026, South Korea’s government wants to create the fifth-largest metaverse market globally, and they are planning to invest $187M in the national metaverse project.





South Korea’s government is planning to invest 223.7 billion Korean won( $ 186.7 million) to create a broad metaverse ecosystem , the investment is the part of South Korea’s “digital New Deal”- a set of policies that aim to help build out emerging digital technologies such as the metaverse and artificial intelligence platforms.


“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry,” Park Yungyu, the ministry’s head of communication and policy, said in a translated statement.


The metaverse has the potential to create 1.5 million jobs, and the country plans to produce more than 40,000 specialized professionals in the developing world. The South Korean government, meanwhile, wants to make the country the fifth largest market by 2026.


Hashed CEO Simon Kim pointed out that the new metaverse platform is specifically focused on growing trade by providing financial support to participants. He told the Coin telegraph on Monday that he did not think there was a problem with the funding government because “the private sector is actively investing in the metaverse market.”

Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in metaverse projects such as Decentralize land and The Sandbox.


The metaverse, however, is commonly associated with crypto assets such as NFTs (non-fungible tokens). South Korea currently prohibits the use of any NFTs or token issuance in its gaming — which may pose a threat to its ambitious metaverse plans.


This may be considered as another small step towards the discovering the unknown future of the metaverse.



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Written By- Shriyansh jain



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