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South Korea established a budget of $117,1 million to invest in the metaverse and became one of the first governments to do so openly.
This allocation is a product of the nation's long-term objectives regarding the metaverse, which could serve as a model for other governments.
The Ministry of Science and Information and Communication Technologies (ICT) of South Korea intends to launch the metaverse industry by producing jobs and assisting businesses.
Lim Hyesook, the Minister of Science and ICT, said: “The metaverse is an uncharted digital continent with indefinite potential,”
A new program oversees the focus on the metaverse as part of Korea's Digital New Deal.
The metropolitan administration of Seoul is already constructing a metaverse platform to provide virtual public services to its inhabitants. The platform will consume $3,14,000,000 of the total budget.
Other schemes
Korea unveiled its metaverse intentions in January, with the aim of becoming one of the largest metaverse markets by 2026.
Metaverse Academy
In addition to Seoul's virtual platform, Korea intends to construct a "K-metaverse academy" to engage worldwide metaverse startup companies. The academy will aid metaverse startups from all over the world in scaling their projects.
The K-metaverse academy will be a collaboration between the government of South Korea and 220 metaverse firms. In addition, the academy will produce 40,000 metaverse specialists by 2026.
Hyesook commented on the virtual jobs and stated: “a single metaverse has the potential to create 1,5 million jobs in the virtual ecosystem.”
Korean Language University
There are also plans for a Korean-language institution to facilitate worldwide user interactions as part of the metaverse venture initiative.
Foreigners will be able to engage in metaverse projects pertaining to medical, K-pop, tourism, and the arts with the assistance of the language institute.
Regulations
The regulation is a crucial aspect of the metaverse's plans. Korea aims to implement a stringent user policy to prevent all types of illegal activity, harassment, and exploitation.
Metaverse within the area
Other Asian nations are also becoming interested in the metaverse.
In addition, Shanghai has issued its five-year metaverse growth strategy, which includes the use of the metaverse in government and commercial offices.
Chinese IT titans such as Tencent and Alibaba are also investing in the metaverse. Alibaba has joined the market for virtual reality glasses by investing $60 million in a startup.
According to Yugal Joshi, a partner at the research firm Everest Group, neither of these nations has invested as significantly as Korea has.
He told CNBC: “It’s interesting, it’s predominantly a private sector and Big Tech-driven initiative and trend. Governments have not done much beyond South Korea,”
In addition to expanding the metaverse, Korea will have to exclude complete NFT legislation. NFTs exist in a legal limbo and are not subject to the same regulations as cryptocurrencies.
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