In an effort to promote the companies and goods, Changwon, a coastal city in South Korea on the southeast tip of the peninsula, plans to reproduce its industrial complex in the metaverse.
In order to construct an exact replica of the actual complex, inch by inch, the project will make use of digital twin technology, which generates a virtual model that is an identical replica of a physical thing. The Changwon metaverse industrial complex will also be used to test and forecast upcoming developments in science and technology.
According to the city’s official website, the mid-sized industrial city, which has a population of just over a million, has 2,871 enterprises as tenants in the industrial complex, which collectively employs 122,625 people.
“The city of Changwon will win the first position in the fourth industrial revolution through focusing on rebuilding the industrial structure with mobility, artificial intelligence, hyper-connection [technology] and more,” said Changwon mayor Hong Nam-pyo
Under the direction of the Korea Land and Geospatial Informatix Corporation, an agency of the Ministry of Land, Infrastructure, and Transport, the city would invest 13 billion Korean won (approximately $9.07 million) in the construction of the industrial complex in the metaverse.
The Changwon metaverse project is not the first significant instance in South Korea where essential Web3 technologies have been used to support the local life and economy.
The capital of South Korea, Seoul, launched a five-year plan to create a digital version of the megacity last year in order to expand residents’ access to public services and foster virtual travel. The first stage of the Seoul metaverse’s beta testing started last month.
The second-largest city in South Korea, Busan, wants to develop its blockchain industry as a future engine. Busan has been actively luring blockchain-related businesses and expertise since it was designated as a special blockchain zone in 2019. For the construction of its first city-backed cryptocurrency exchange, the city more recently signed collaborations with Binance, FTX, and Huobi.