In January, the government of South Korea announced a fund of $170 million to invest in the idea of virtual reality. But the digital technologies that went along with it set the stage for the country’s desire to be in the lead in the so-called “metaverse world” by early 2022.
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With these funds, the country will have the tools it needs to be one of the top five in developing the metaverse by 2026. South Korean President Yoon Suk-yeol says that technology is a top priority for the country. Park Jin, the Minister of Foreign Affairs, said that the country is on track to become a powerhouse in the metaverse.
South Korea: Love in the Metaverse
Companies and local governments in South Korea have put a lot of money into virtual world projects. But, following the government’s lead. As part of a project to give people digital government services, a virtual copy of Seoul is being built. Cities in Busan, Seongnam, and Gumi have all announced similar plans for the metaverse.
Eastern Gyeongbuk Province called itself the “metaverse capital” of South Korea. But it announced a plan to put $13.8 million into the local metaverse economy over the next five years. It is thought that this will raise the value of the area by $780 million.
South Korean government becomes an early investor in the Metaverse
Reports say that when it comes to the number of metaverses, South Korean companies are second only to those in the U.S. But since 2016, there have been patent applications for virtual reality and augmented reality. Even so, they only made up 19% of the 7,760 applications. The US and South Korea are responsible for 75% of the whole.
Gamers aren’t pleased.
South Korea’s Science Ministry says that the metaverse is a place where virtual reality and real life meet. But letting people work together to create economic, social, and cultural value is important.
South Korean Online Games
South Korean people who make online games don’t like what this says. They said that because there are already rules for game developers, metaverse will not be regulated.
South Korea’s video game industry is still bound by strict rules, which led to this reaction. But local experts say that both are out of date and unfair, and the debate about the virtual world and games is still going strong in South Korea. Miso Information Technology says that the country should keep putting money into the virtual world.
Source: Google Trend