South Korea to Invest $177 Million Directly in Metaverse Platforms – South Korea’s government has stated that it will begin investing directly in metaverse projects. According to Lim Hyesook, minister of science and information and communication technologies, more than $177 million would be invested to kickstart national jobs and businesses in this industry. One of the first countries to invest in this field is South Korea.
While more VC companies and businesses are actively investing in the metaverse’s future, certain countries are also prepared to invest in this new field in order to safeguard its future. South Korea is among them, having recently declared that it will invest directly in metaverse-related companies and initiatives.
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Lim Hyesook, South Korea’s minister of science and information and communication technologies, announced the investment, which would total $177.1 million to kickstart the national industry.
He described the metaverse as “an uncharted digital continent with limitless potential,” demonstrating the possibility this new technology holds for the South Korean government.
The investment is part of South Korea’s new tech focus, which is part of the government’s Digital New Deal, a set of principles aimed at encouraging citizens to move to a fully digital society.
While a number of companies and firms have already begun to invest in the metaverse, few countries have done so directly. This is mainly due to the fact that numerous regulatory questions surrounding metaverse companies’ operations and the convergence of Web3 technologies, which can contain a cryptocurrency element, still unanswered.
The metaverse and crypto experiment, according to Javier Floren, CEO of NFT startup DNAverse, will be strongly influenced by regulation. He stated:
“It will be determined by how different countries address the legal side of things. There will be concerns, challenges, and, without a doubt, dangers with any new technology, disruptive environment, or new places to interact.”
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However, because South Korea is actively investing in the metaverse, other countries may follow suit. Yugal Joshi, an Everest Group partner, informed CNBC about this possibility:
“Some things are happening in bits and pieces, but I believe this indicates that governments are beginning to take this more seriously as a platform for people to connect. Governments are interested in anything that brings people together.”
