After taking a strict regulatory outlook on cryptocurrency, South Korea is betting a lot of money on Metaverse. The proposed amount of investment by Seoul is over $175 million in USD. The government decision to put its money on the new Metaverse technology makes it the first to do so. The investment falls under the program dealing in new digital deals for emerging technologies.
Spearheaded by the South Korean Science and Information Ministry with Lim Hyesook in charge. Hyesook is of the opinion that the metaverse is an unknown, uncharted continent in the digital sphere and has infinite potential. This is one of the main reasons for the Ministry to be the first in developing and investing in Metaverse and related technology.
The first step in the process is to use this national fund to build a platform in the metaverse for the metropolitan level. This platform will make it easy for citizens to access different services and schemes offered by the government virtually. This step by the South Koreans could propel other governments to invest in metaverse projects.
Interest from South Korea in the metaverse first came to light earlier this year, in February in fact. This interest was evinced when two of the country’s biggest retailers launched AI and metaverse integration with their platforms with a view to enhancing CX. South Korea is known to be a progressive nation in the area of technology, and it has proactively started to promote nascent blockchain technology. It was also the first to introduce the use of blockchain for various government offices.
Metaverse is VR setup and uses NFTs as commodities. Even though it is a new concept, it has generated plenty of interest in the crypto arena. Firms like Google, Apple and Facebook are interested in this unusual concept.