{"id":617113,"date":"2023-03-12T09:09:19","date_gmt":"2023-03-12T14:09:19","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/12\/south-korea-invests-51m-into-metaverse-projects\/"},"modified":"2023-03-12T09:09:19","modified_gmt":"2023-03-12T14:09:19","slug":"south-korea-invests-51m-into-metaverse-projects","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/12\/south-korea-invests-51m-into-metaverse-projects\/","title":{"rendered":"South Korea invests $51M into metaverse projects"},"content":{"rendered":"
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South Korea\u2019s Ministry of Science has\u00a0announced<\/a>\u00a0that it will invest KRW27.7 billion (US$21 million) into local projects building in the metaverse.<\/p>\n

In an official disclosure, the ministry said the earmarked funds will be used to prop up 13 new projects leveraging virtual worlds in the health, tourism, and education industries. Aside from merely sinking in the funds, the Ministry of Science added startups would also receive\u00a0technological<\/a>\u00a0and regulatory support in order to thrive.<\/p>\n

The Ministry announced that it would also invest KRW40 billion (US$30 million) to fund smaller firms dabbling in virtual world projects. The ministry said this would be used to urge the smaller firms to pursue mergers and acquisitions that will strengthen the local ecosystem.<\/p>\n

South Korea has been pursuing metaverse dominance since 2021, opting for a broad national outlook for virtual world development. Since the start of 2022, the South Korean government has splurged over $185 million to support firms and creators building in the metaverses with plans to expand its state-backed metaverses to the rest of the world.<\/p>\n

\u201cSouth Korea stands as the most aggressive and determined government in pushing the development of the metaverse,\u201d tech journalist Nina Xiang told<\/a> one news outlet. \u201cOther Asian countries don\u2019t have similar types of metaverse programs in both scale and scope as that of the South Korean government.\u201d<\/p>\n

Recently the country announced work on\u00a0Metaverse Seoul<\/a>, a replica of South Korea\u2019s capital city, which is expected to be completed by 2026. According to the disclosure, the move is designed to expand the city\u2019s public services into virtual worlds, allowing avatars to access tax offices and counseling facilities.<\/p>\n

The tech-savvy population and the proliferation of several tech companies in the country offer validity to South Korea\u2019s grand metaverse ambitions. The country\u2019s domestic hardware industry is widely expected to offer hardware solutions to bring its metaverse dreams to reality.<\/p>\n

Ethics of a brave new world<\/strong><\/p>\n

South Korea\u2019s Science Ministry unveiled a\u00a0metaverse strategy<\/a>\u00a0to guide the country\u2019s steady march to virtual worlds. The strategy consists of ethical principles and a road map resting on four major ambits, including creating an enabling environment and deepening the existing talent pool.<\/p>\n

The ethical principles include the promotion of authenticity, autonomy, respect for privacy, inclusiveness, and fairness. The metaverse strategy was the brainchild of a collaboration of experts drawn from engineering, law, ethics, and data protection.<\/p>\n

Watch: Enabling the Real World Metaverse<\/p>\n