The Ministry of ICT, Science, and Future Planning in South Korea has pledged 223.7 billion KRW ($186.7 million) to build a comprehensive Metaverse ecosystem to support the expansion of digital content and corporate growth in the country.
The Ministry stated in an official statement on Feb. 27 that monies will be used to complete four primary objectives. Of course, in the creation of the Expanded Virtual World, which looks to be an all-encompassing Metaverse environment.
The government agency plans to use its Metaverse to expand the virtual industrial expansion of cities, education, and media.
Content makers will be aided in attracting the best personnel to help expand the platform on several fronts. According to the Ministry, community-oriented creative events, a Metaverse developer contest, and a hackathon will be held.
Then, The new Metaverse platform, according to Hashed CEO Simon Kim, focuses on increasing commercial expansion by giving financial support. So, Decentraland and The Sandbox are two Metaverse initiatives in which it has invested.
Park Yungyu, the Ministry’s Head of Communication and Policy Department, indicated in the announcement that the initiative to establish a Metaverse platform is part of South Korea’s broader ‘Digital New Deal.’ Also, According to Park, the Digital New Deal is a series of policies aimed at fostering the growth of digital technology.
Because there would be seamless access to South Korean enterprises over time, the Ministry intends its Metaverse to have a worldwide reach. Lastly, It intends to help corporate growth by providing financial assistance and technology advancement.
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