Here’s Why South Korea Is Confident About Becoming A Leading Force In The Metaverse

South Korea has announced a five-year plan that will put the nation at the forefront of the global metaverse race. Making the announcement via its science ministry, South Korea has now joined the race for supremacy in the metaverse as the competition seems to have gone beyond tech companies alone, and gvernments of the world have now begun fancying the technology as well.

South Korea Rolls Out Metaverse Plans

As reported by Korea Herald, the Asian country is aiming to produce no less than 40,000 professionals and at least 220 firms that will be specialized in the metaverse technology. With this, the South Korean government believes that the nation will easily rank in the top 5 leading countries in the global metaverse market by 2026.

Meanwhile, the country’s Ministry of Science and ICT (MSIT) also announced that the move was in line with the expected socio-economic changes that the metaverse will surely bring about. As a result, concerned authorities have now highlighted about four major goals:

“activating the ecosystem for metaverse platforms, nurturing professionals, fostering companies and setting up a safe environment for all metaverse users”

According to the 5-year plan, South Korea is looking to apply the metaverse technology in areas like cultural arts, tourism, education, and K-pop. In fact, there are interesting reports about the government’s intention to build a Korean language institute for foreigners on the metaverse.

So far, the government has already set aside about 5.5 billion won ($4.6 million) which it will use to build a metaverse academy, where it hopes to grow young talents.

In addition, the government is set to create a metaverse hub sometime later in 2022 which will stand as support for small firms looking to startup in the industry.

As reported, a metaverse fund will be raised in that line, which will be used in providing financial aid for small and medium-sized firms, even as they form mergers and make acquisitions on their expansion journeys.

In conclusion, the government has pegged its expectation for annual sales to be around 5 billion won, at least from the 200 plus companies that must have specialized in the metaverse come 2026.

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Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he’s not writing, he’s either talking politics or discussing sports.