South Korea has decided to bet big on technologies related to the metaverse. The Ministry of Science and Information and Communication Technologies has in fact announced the release of 233.7 billion won (185 million dollars at the current rate) to promote the development of this sector.
South Korea wants to promote the development of the metaverse
The announcement was made yesterday on the ministry’s website. South Korea wants to develop its own ecosystem of virtual worlds and non-fungible tokens (NFTs), as part of the metaverse. This is why the government stakes these billions of won, which will be used for various projects.
South Korea will first train experts: it announces the opening of a training center to “ train young experts ” on the digital worlds. In addition, a significant part of the budget will be devoted to virtual reality and augmented reality equipment. Their distribution and marketing will be encouraged by the government.
Establish a framework from the start
Notably, the government also announces that it wants to clean up the virtual worlds from the start. It will modify the legal framework that applies to it, and establish “ ethical principles ” in order to protect users . It also wishes to encourage self-regulation by the communities that are created there.
It is a public/private cooperation that is envisaged by the government, which does not want to let virtual worlds exist on the sidelines. He also wants to use virtual universes to promote the cultural influence of South Korea , through digital tourism, as well as elements that reflect the country’s history. The goal is assumed: “ to support a leading platform of the metaverse, based on decentralization and the economy of the creators ”.
In any case, it is interesting to see an entire country developing solutions for these technologies, which are still in their infancy. South Korea wants to position itself very early on the metaverse , and its bet to become a leader in the field could therefore well come true.
