South Korea Introduces A Brand-new "Metaverse Fund"

CJ – Cryptocurrency Expert

South Korea has announced a new fund aimed at assisting the growth and development of the metaverse. The Ministry of Science and ICT will invest 24 billion Korean won ($18.4 million) into the fund, which is currently worth $40 billion Korean won ($30.2 million). The ultimate goal of the fund is to support the mergers and acquisitions from various companies within the metaverse ecosystem, while also actively supporting domestic metaverse initiatives to compete on a global scale.

As a country with high cryptocurrency adoption and the fourth-largest gaming industry in the world, South Korea appears set to be a leader in Web3 technology. The country is driving the advancement of the new digital age with its ambitious 58.2 trillion won ($44.6 billion) plan, the 'Digital New Deal,' which involves investing venture capital into the industry, supporting its growth, and eventually having one of the top 5 metaverse industries in the world. Experts predict that the South Korean metaverse industry will be worth 400 trillion won ($306.5 billion) by 2026.

The South Korean government sees the potential of the metaverse and how it can drive the economy forward. The metaverse will create millions of new virtual jobs, and the government is investing in higher education courses specifically focused on metaverse training. However, the government remains sceptical about cryptocurrency trading and is strictly regulating play-to-earn games in South Korea due to their speculative nature. Despite this, the government is steadfast in adopting blockchain technologies. A prime example is Metaverse Seoul, which is still moving through the phases. In phase two of Metaverse Seoul, which is due for completion in 2024, the metaverse will expand to include real estate counselling and connect foreign investors with local industries.

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