The Seoul government launched ‘Metaverse Seoul’ in 2023 to commence its metaverse expansion. What factors are influencing uptake in other countries?
According to many projections, assuming broad adoption occurs, the metaverse market will be worth $1 trillion by 2030. According to CoinMarketCap, the market cap of metaverse tokens is currently around $12.1 billion.
One such move toward mass adoption of a virtual world has been taken by the Seoul Metropolitan Government. Oh Se-hoon, the mayor of Seoul, encouraged citizens to “Metaverse Seoul,” the city’s public metaverse project.
Seoul first promised a virtual area, “​​allowing citizens to simply meet with avatar authorities to deal with civil grievances and consultations, which are presently handled only by visiting municipal offices,” in 2021.
The initiative, which will feature services such as a fintech lab, a corporate assistance centre, and Seoul’s top ten tourist sites, will be available to the public in 2023. It will also allow for the establishment of a youth mentorship counselling room, civil service counselling, and tax services.
“Metaverse Seoul will be a vital communication tool for citizens in the new normal,” says Mayor Oh Se-hoon. It is an all-inclusive administrative service that anyone can use without regard for time or space.”
South Korea has done well in embracing the virtual world. The city of Seongnam in South Korea has similarly announced intentions to create a digital replica that would allow inhabitants to access municipal information and services via NFT identification.
When Tuvalu, a small island nation, proclaimed its intention to become the world’s first digital nation, the metaverse use cases went beyond conception. Tuvalu, which has a population of about 12,000 people, determined to preserve its history and culture because rising sea levels threaten to submerge the entire island.
“Our land, our ocean, and our culture are the most valuable assets of our people, and we will shift them to the cloud to keep them safe from harm no matter what happens in the physical world,” stated Tuvalu Foreign Minister Simon Kofe.
Bad actors have also taken advantage of these virtual environments. In a popular metaverse, a 30-year-old South Korean man sexually molested youngsters by establishing false identities. He spoke with children, brought them gifts, and enticed them to send images and videos of themselves naked.
A woman also revealed her story of being sexually assaulted in the metaverse in December 2021. As a result of such regrettable situations, some have stressed the necessity for the industry to be policed.
