South Korea to Invest Over $177 Million in Opening Firms, Jobs in Metaverse Sector

Lim Hyesook, minister of science, information and communication technologies in South Korea has reportedly made this announcement.

South Korea to Invest Over $177 Million in Opening Firms, Jobs in Metaverse Sector

Photo Credit: Pixabay/ Heung Soon

South Korea is one of the first nations in the world, to pour investments in metaverse

Highlights
  • South Korea plans to host creative activities in the metaverse
  • Country is planning a national metaverse project as well
  • South Korea aims to open more jobs for metaverse developers
Advertisement

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.


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: South Korea, Metaverse, Cryptocurrency, NFT
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Redmi Note 11T Pro Reportedly Sold Over 270,000 Units in China in First Hour of Sale
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »