South Korea Launches Metaverse Fund: South Korea has doubled down on the metaverse’s potential as a new economic growth engine while other economies around the world have been sidetracked by the hubbub surrounding price volatility and ecosystem failures in crypto.
Investments in a fund to propel metaverse efforts in South Korea were recently announced by the Ministry of Science and ICT. The South Korean government has reportedly put in 24 billion Korean won ($18.1 million) to establish a fund of more than 40 billion Korean won ($30.2 million) for metaverse development.
The launch of the Metaverse Fund in South Korea is a significant step towards making the country a global leader in the metaverse industry. The fund is designed to support companies that are developing innovative VR and AR technology, and will provide funding for research and development, as well as for the commercialization of products and services.
The government acknowledges that, due to the inherent investment risks, it is challenging for local players to generate funds through private investments. In order to help domestic metaverse-related enterprises compete with global competitors, South Korea plans to “actively encourage it,” which includes mergers and acquisitions.
Seoul’s virtual metropolis was unveiled in the metaverse in January. According to Cointelegraph, the South Korean government spent about 2 billion Korean won ($1.6 million) on the project’s initial phase of developing a metaverse.
Yet, South Korea maintains its physical safeguards against cross-border threats. The UK launched its first unilateral sanctions in February, targeting certain groups and individuals in North Korea for their involvement in the theft and hacking of cryptocurrency.
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