South Korea To Invest W223.7 Billion In Metaverse

South Korea, a nation known for its strict crypto regulatory stance, is betting big on the metaverse. 

iexclusivenews reports that the government will invest over 223.7 billion won ($177.1 million) directly in various metaverse projects.

South Korea has become one of the first national governments to invest in the emerging metaverse technology. The money came from the ‘Digital New Deal,’ a program that aims to invest in new technology.

Lim Hyesook, the country’s science and technology and communication technologies minister, is in charge of the program.

The metaverse, according to Hyesook, is “an unknown digital continent with limitless potential.” Suggesting the government’s desire to lead in metaverse technology.

According to CNBC, the national fund would be used to develop a metropolitan-level metaverse platform. That would allow individuals to virtually access various government schemes and services.

The government of South Korea’s investment in metaverse projects may inspire other countries to follow suit.

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iexclusivenews reports that the government of South Korea’s growing interest in the metaverse was first reported in February, when two big shops integrated metaverse and artificial intelligence into their platforms to improve consumer experience.

What You Should Know

South Korea has a reputation for being a technologically advanced country. And it has made strong steps to promote blockchain technology. Which is still in its infancy. It was one of the first nations to embrace blockchain in government offices, setting a pattern for other countries to follow.

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iexclusivenews reports that the Metaverse is a virtual reality environment. In which a nonfungible token NFT, serves as a commodity ( a piece of land, cloth, avatar, etc.).

Despite the fact that the concept is relatively new, it has sparked the most interest in the crypto community after NFTs.

All of the major mainstream tech companies, including Facebook, Google, and even Apple. Have expressed strong interest in the notion. Facebook even went so far as to rename itself Meta.

Meanwhile, iexclusivenews Nigeria reports that experts expected that metaverse will help in different industries. Including medical and rescue missions. Where it is sometimes hard for humans to carry out duties in person and a virtual reality set-up can help significantly.