The Ministry of ICT, Science, and Future Planning of South Korea has reportedly pledged a sum of $186.7 million to create a broad ecosystem of the metaverse. This would then be used to support the impactful growth of digital content, along with corporate growth within the country at large.
The ministry went on to write in an official statement on Sunday that the funds would be spent on the completion of four main objectives in creating what would come up as an all-encompassing ecosystem of the metaverse. This has been titled the “Expanded Virtual World”. Several government agencies would be intending to use the metaverse as a major platform for the expansion and growth of education, cities, and media.
South Korea Has Decided To Create Its Own Metaverse Platform
Content creators of South Korea would also be enjoying support on quite a few fronts in order to attract the perfect talent to create the platform. The ministry went on to say that it would be hosting community-oriented creative activities- along with a metaverse developer contest and a hackathon. Simon Kim, the CEO of Hashed, also pointed out that the new platform for metaverse would have a particular focus on boosting the commercial expansion through providing financial support for participants.
For the uninitiated, Hashed is a cryptosystem in South Korea, which has previously invested in a lot of metaverse projects like The Sandbox and Decentraland. The head of the communication and policy department at the ministry, Park Yungyu, recently stated in his announcement that the initiative to create a metaverse platform would be part of the broader “Digital New Deal” in the country. This deal is simply a bunch of policies that have been designed to foster the growth of technologies in the digital field.
The Ministry in South Korea has also expected that metaverse to have a far global outreach since there will be uninterrupted access to most of the companies in this part of the world over time.