South Korea Bets Over $177 Million to Trigger Jobs, Projects in Metaverse

Metaverse projects coming to life in South Korea are to witness loads of support from the government there. The Asian tech hub is planning to invest over $177 million (roughly Rs. 1,372 crore) in supporting metaverse projects that will also trigger job opportunities in the sector. Lim Hyesook, minister of science, information and communication technologies in South Korea has reportedly made this announcement, forwarding the government's belief on the potential of the metaverse industry.

Calling the metaverse an “uncharted digital continent with indefinite potential,” Hyesook said South Korea wants to participate in growing its national metaverse ecosystem, Bitcoin.com reported on June 1.

A 3D-iteration of Internet as we use today, the metaverse conceptualises a fully functional virtual universe, where people will be able to work, study, and socialise as digital avatars.

Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.

South Korea is one of the first nations in the world, to pour investments to grow the metaverse industry in its nation.

In February, Seoul's Ministry of Science, ICT, and Future Planning of South Korea allocated KRW 223.7 billion (roughly Rs. 1,400 crore) towards the development of a national metaverse project.

The government of South Korea plans to host creative activities, a metaverse developer contest, as well as a hackathon to select the best team to be part of this project.

Other elements of Web3, including cryptocurrencies and non-fungible tokens (NFTs) also make for significant parts of the metaverse.

While cryptocurrencies act as a mode of payment and rewards, engageable NFTs add life to the digital universe.

Meanwhile, the Seoul Metropolitan Government (SMG) has announced plans of making Seoul the first South Korean city to enter the metaverse.

In November last year, the South Korean military had also reportedly announced that it would phase in metaverse applications to soldier training programmes by the 2030s.