South Korea’s government has made it clear that it will invest directly in metaverse projects. According to Lim Hyesook (minister of science, information and communications technologies), more than $177 million will be invested in this area to help create jobs and companies. South Korea was one of the first to invest in this field.
While more VC firms and businesses are investing in the future, other nations are also preparing for investments in this area to ensure the future. South Korea is one of these countries, recently announcing that it will invest directly in companies and initiatives related the metaverse.
Lim Hyesook, South Korea’s minister of science, information, and communication technologies, announced the $177.1 million investment to help kickstart the country’s industry. The minister of science and information technologies of South Korea, Lim Hyesook, stated that the metaverse was “an uncharted digital continental with indefinite potential”, highlighting the possibilities South Korean officials see in this new technology.
This investment is part the South Korean government’s new focus on tech. It is part of its Digital New Deal, which is a set guidelines the government follows to encourage citizens to move to a digital society.
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There are many companies and firms already investing in the metaverse. However, not many countries have made such investments directly. It is possible that there are still many regulatory questions about metaverse companies and how Web3 technologies intersect, which could include cryptocurrency.
Javier Floren, CEO at NFT startup DNAverse believes that regulation will have a significant impact on the metaverse and crypto experiment. He said:
It will depend on how different countries approach legal issues. There will be challenges and dangers with any new technology, disruptive ecosystem, or interaction.
South Korea is actively investing in metaverse investments and it’s possible that other countries will follow suit. Yugal Joshi , a partner in Everest Group, spoke to CNBC about this possibility.
While some things may be happening in small pieces, I believe that this shows you that governments are beginning to take this seriously as it is a platform for people to come together. Anything that brings people together makes governments more interested.
