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South Korea will spend $186 million to create a national Metaverse project

South Korea will spend $186 million to create a national Metaverse project

The government plans to create a Metaverse ecosystem for business, education, and media. This will help increase corporate growth in the country and support digital content development.  

According to a government press release, the Ministry of Science, Information and Communication Technology and Future Planning wants to create a world-class ecosystem. That's why the allocated amount of 223.7 million Korean won (about $186 million) will be used not only to create the platform itself, but also for hackathons, contests, and creative events for developers. Moreover, the Ministry will provide financial and technological assistance for the corporate sector so that it will simplify access to the new technology. 

We should note that the creation of the Metaverse is only part of a more extensive government program, "A New Digital Deal," focused on the digital development of the state.  

 

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