South Korea seems to be on a quest to become a major player on the global metaverse stage. The East Asian country reportedly plans to channel $187 million towards building a top-notch metaverse ecosystem. In so doing, South Korea stands to become the fifth-largest metaverse market in the world by 2026.
According to South Korea’s Ministry of Science and ICT, the investment represents part of the country’s “Digital New Deal”. These are a set of policies designed to facilitate the spread and adoption of emerging technologies throughout South Korea. Notable among the ‘emerging technologies are the metaverse and artificial intelligence (AI). As Park Yungyu, the ministry’s head of communication and policy put it:
“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
The South Korean government has singled out the fast-growing metaverse as a pivotal driver of its agenda. In addition, the government added that it was banking on said metaverse to foster an enabling environment for industries to thrive.
In November last year, Oh Se-hoon, the mayor of the country’s capital city Seoul made a declaration. He asserted that his city was looking to become the first in South Korea to venture into the metaverse.
However, at the moment, South Korea does not allow NFTs or token issuance in gaming.
Image Credits: Pixabay
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