The metaverse project has been deemed profitable by most financial experts. It’s a concept that obliterates the need for physical space. The fact that the South Korean government has made a massive investment in the metaverse project only reinforces the belief in its profitability. If reports are to be trusted, South Korea will be investing around 187 million dollars in the metaverse. According to South Korea, the metaverse can function as a platform that can fuel businesses and industries. And after the financial uncertainty in market due to political tensions and the pandemic, a turn towards DeFi is necessary.
The Nitty Gritty
The South Korean government has dubbed the metaverse as the “expanded virtual world”. How they use this project to revive businesses and industries is yet to be seen. Moreover, these investments will lead to a far greater return as the private market too is heavily invested in crypto as well as DeFi. Thus, the metaverse project has some serious potential in a financial sense.
The Digital New Deal
South Korea’s interest in the metaverse is all due to the Digital New Deal. This deal is a set of policies that are supposed to bring about massive tech and digital developments in the country. Sensing the pro-digital and pro-DeFi climate in South Korea, token issuance might also be allowed in the coming future. As of now, it’s even prohibited to publish NFT games in South Korea.
Only time will tell what effects these policies have on the South Korean market.