South Korea Launches Fund to Support Metaverse Development
The South Korean government continues to sponsor metaverses and companies that plan to use them. Recently, they launched a Metaverse Fund to support start-ups exploring the integration of virtual space into various aspects of life.
The fund will primarily support projects exploring the integration of metaverse technology into education, healthcare, and tourism. This latest initiative, which is aimed at the development of a three-dimensional online world highlights South Korea's commitment to taking a leading position among other countries in the implementation of metaverse technology.
According to the South Korean Ministry of Information and Communication Technology, the country's budget has allocated $21 million to local organizations that have identified the need for virtual reality technology.
South Korea has launched its Metaverse Fund following the news that the government will fund small companies developing metaverse technology with $30 million.
South Korea stands as the most aggressive and determined government in pushing the development of the metaverse. Other Asian countries don’t have similar types of metaverse programs in both scale and scope as that of the South Korean government, —Nina Xiang, a technologist and founder of the China Money Network, attests.
Seoul in the metaverse
In early 2023, South Korea launched a project for a virtual replica of Seoul. In the initial stages of development, the government allocated 1.6 million dollars for the implementation of institutions such as a passport office, tax office, youth center, and a department for companies facing financial difficulties: all within the virtual realm.
The second phase will expand the metaverse even further. Residents would receive advice on real estate, whereas businessmen and entrepreneurs would obtain access to deals with foreign and domestic investors. Seoul's virtual city aims to make communication with the government easier for people while improving the quality of service. This project will likely be finished in 2026.
Will South Korea Become the Virtual Reality Hub by 2026?
Since 2021, South Korea has been diving into the possibilities of the metaverse. The country's Ministry of Science believes that it has the potential to integrate the virtual and physical worlds. This will enable more effective communication between individuals, the government, and society as a whole.
The metaverse is a topic that both former and current presidents view as important. The Yoon government plans to revitalize the ecosystem by enacting metaverse-related laws and [developing] metaverse services that support economic activities, as Nina Xiang puts it.
The government is planning to invest around 187 million dollars overall in developing an ecosystem that includes funding for universities and companies creating virtual worlds. This funding is part of South Korea's plan to become the Virtual Reality Hub by 2026.
The authorities made a roadmap for the development of virtual platforms, alongside the training of specialists required for their launch. They also encouraged companies to adopt the digital realm.
