South Korea, known for its strict crypto regulatory stance, is betting big on the metaverse. The government will invest over 223.7 billion won directly in various metaverse projects.
The decision to invest in the nascent metaverse tech makes South Korea one of the first national governments to do so. The investment came under the ‘Digital New Deal’ program set up to invest in emerging technologies.
The program is headed by the country’s science and information and communication technologies ministry led by Lim Hyesook called the metaverse “an uncharted digital continent with indefinite potential,” indicating the government’s interest in taking lead in the metaverse tech.
The national fund would be first utilized to build a metropolitan level metaverse platform that would allow citizens to access various government schemes and services virtually.
The South Korean government’s investment in metaverse projects could prompt other nations to follow the suit.
The reports about the South Korean government’s rising interest in the metaverse first came in February when two major retailers launched metaverse and artificial intelligence integration for their platforms to enhance customer experience.
