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South Korea Aims To Become Powerhouse of Metaverse

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The South Korean government announced a $170 million fund in January to invest in virtual reality concepts. However, the digital technology associated with it is the so-called “metaverse at the beginning of 2022

This funding will lay the groundwork for South Korea to be among the top five countries in Metaverse development by 2026. According to South Korea’s President Yoon Suk-yeol, technology is a national priority. Foreign Minister Park Jin said the country is poised to become a Metaverse powerhouse.

Korea: Love in the Metaverse

South Korean companies and local governments are piling up on virtual world projects. However, please follow government instructions. A virtual replica of Seoul is being built as part of a project to provide citizens with digital citizen services. Similar Metaverse initiatives have been announced by the city governments of Busan, Seongnam, and Gumi.

Northeast Gyeongbuk called itself the “metaverse capital” of South Korea. However, he has announced his five-year initiative to invest his $13.8 million in the local metaverse economy. This is estimated to increase the value of the area to his $780 million.

South Korean companies reportedly only lag behind the United States in the number of metaverses.However, the related patent application virtual reality and augmented reality However, it represents 19% of the 7,760 applications. The United States and South Korea account for 75% of the total.

gamers are not happy

The Korean Ministry of Science defines the Metaverse as a space where virtual reality and physical reality converge. However, it allows people to interact and create economic, social and cultural value.

South Korea online game Developers are not happy with this statement. They said they would not regulate the Metaverse as per existing laws for game developers.

This reaction comes as the South Korean video game industry is still bound by strict rules. But debates between virtual worlds and games are heating up in South Korea, although local experts say both are outdated and unfair.The country will continue to invest in virtual worlds, according to Miso Information Technology. is needed.

Also read: Top 5 Metaverse Predictions for 2023

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