A five-year plan to invest $13.8 million in the regional metaverse economy has been announced by South Korea.
In January, the South Korean government announced a $170 million fund to invest in the virtual reality concept. However, the nation’s desire in assuming the lead in the so-called “metaverse world” early in 2022 was sparked by its linked digital technologies.
By 2026, the monies will have set the stage for the nation to rank among the top five in terms of metaverse development. Technology is a top priority for the country, according to Yoon Suk-yeol, president of South Korea.
According to Park Jin, the minister of foreign affairs, the nation is set to take the lead in the metaverse.
SOUTH KOREA: METAVERSE LOVE
Local governments and businesses in South Korea have invested heavily in virtual reality initiatives. Nevertheless, heeding the government’s guidance. The construction of Seoul’s virtual copy is a component of an initiative to offer citizens digital access to government services.
Cities in Busan, Seongnam, and Gumi have all announced similar metaverse plans. The “metaverse capital” of South Korea, according to Eastern Gyeongbuk Province, was mentioned.
On the other hand, it unveiled a five-year plan to inject $13.8 million into the regional metaverse economy. The value of the area will reportedly increase by $780 million as a result.
According to reports, the number of metaverses is second only to the United States for South Korean businesses. However, associated augmented reality and virtual reality patent applications have been submitted since 2016.
Nevertheless, representing 19% of the 7,760 applications submitted. 75% of the total is made up of the United States and South Korea.
GAMER DISSATISFACTION
The metaverse is described by the South Korean Science Ministry as a region where actual reality and virtual reality collide. Nevertheless, allowing interaction between people to generate economic, social, and cultural value. Online gaming makers in South Korea are not pleased with this assertion.
They said that they would not control the metaverse in accordance with the regulations already in place for game producers. This response was given that South Korea’s video game sector is still subject to rigid regulations.
However, local experts claim that both of these are out-of-date and unjust, and in South Korea, the argument over virtual reality and video games is still very much alive. Miso Information Technology believes that the nation should keep making investments in the virtual space.
