- South Korea’s investment of approximately $177.1 Million is among the initial investments made by the authorities in this sector.
- This indicates towards a booming technology which is expected to take a center stage in the future, and might be laid out as a blueprint for others.
- In spite of this, South Korean authorities will have to face several problems while stepping into the metaverse.
Who will be leading the race?
The shape which metaverse takes is still imaginary, but South Korea is making a big bet on the flourishing sector, and think of it as the next big thing.
On a town level, metropolitan authorities in Seoul are developing a metaverse worth $3.15 million to enable the folks to get accessibility to the public services digitally.
South Korea’s investment of approx $177 Million is one of the initial investments in the infant space put by the government and is a cautious baby step into the metaverse.
This indicates an interest in a technology that could become mainstream and take the center stage, and may serve as a blueprint to others.
New Horizon To Bring New Threats?
DNAverse CEO, Javier Floren, stated that nations doing experiments with these techs will get a massive understanding of it for the future.
However, there’s a cost for everything, and this new vanguard will offer a plethora of risks. Crypto assets, another vital element of metaverse and Web3 development, are extremely volatile, as witnessed in this month’s crypto bloodbath.
For a nation such as El Salvador, which has accepted the crowned asset Bitcoin as their legal tender, being at the frontier of such fresh technologies means becoming vulnerable to various threats.
Javier stated that it will depend on how distinct nations approach the legal side.
Adding that with any disruptive ecosystem or latest technology and new places of interaction, there will be issues, barriers and damages for sure.
Be Vigilant
Meta (formerly Facebook) sees the future where folks will socialize in virtual worlds via avatars. But a new virtual experience will bring about old problems too, such as security, privacy and illicit acts.
Those are among the plethora of issues that South Korean as well as other authorities of the world will have to face if they enter the metaverse.
Considering this, South Korea plans to gather prominent officials to make an entity to keep an eye on issues such as intellectual property protection, illicit behavior, and data protection.
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Source: https://www.thecoinrepublic.com/2022/05/30/south-korea-putting-their-bet-on-metaverse-could-it-be-a-blueprint-for-others/