METAVERSE SEOUL SCREENSHOTS. SOURCE: OPENGOV.SEOUL.GO.KR
The South Korean Ministry of Science has announced investments in a fund dedicated to driving metaverse initiatives in the country.
The government invested 24B Korean won ($18.1M) to create a fund of over 40B won ($30.2M) for metaverse development, according to the official announcement.
Despite the distractions of crypto's price fluctuation and ecosystem collapses, South Korea is focused on the metaverse's potential as a new economic growth engine.
- South Korea acknowledges that it is challenging for locals to raise capital through private investments due to underlying investment risks.
- The government intends to help domestic metaverse-related companies compete with global players by actively supporting them.
- The Metaverse Fund aims to support the mergers and acquisitions of various firms in the metaverse ecosystem.
In January, Seoul launched a digital replica of the city in the metaverse, and the government spent roughly 2B won ($1.6M) for the first phase of the metaverse project.
- In February, South Korea announced independent sanctions for cryptocurrency thefts and cyberattacks against specific North Korean groups and individuals.
