South Korea Aims To Become Powerhouse of Metaverse

The government of South Korea states a $170 million fund in January to invest in the concept of virtual reality. However, its associated digital technologies set the stage for the nation’s interest in taking the lead in the so-called “metaverse world” early in 2022.

The funds will lay the groundwork for the country to be among the top five nations in metaverse development by 2026. According to South Korean President Yoon Suk-yeol, technology is a national priority. Park Jin, Minister of Foreign Affairs, stated that the country is poised to become a metaverse powerhouse.

South Korea: Metaverse Love

South Korean companies and local governments have piled into virtual world projects. However, following the lead of the government. Seoul’s virtual replica is being built as part of a project to provide citizens with digital civil services. Similar metaverse initiatives have been announced by city governments in Busan, Seongnam, and Gumi.

Eastern Gyeongbuk Province mentioned itself as South Korea’s “metaverse capital.” However, it announced a five-year initiative to invest $13.8 million in the local metaverse economy. It is estimated that this will add $780 million to the region’s value.

South Korean companies reportedly trail only the United States in the number of metaverses. However, related patent applications for virtual reality and augmented reality filed since 2016. Although, accounting for 19% of the 7,760 applications filed. The United States and South Korea account for 75% of the total.

Gamers are not happy

The Science Ministry of South Korea defines the metaverse as a space where virtual and physical reality converges. However, permitting people, to interact and create economic, social, and cultural value.

South Korean online game developers are not happy with this statement. They said according to existing laws for game developers they will not regulate metaverse.

This reaction came as South Korea’s video gaming industry remains bound by strict rules. However, both of which local experts say that are outdated and unfair, while the discussion on the virtual world and game debate rages on in South Korea. According to Miso Information Technology, the country should continue to invest in the virtual world.

Also Read: Top 5 Metaverse Predictions For 2023

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