South Korea’s Ministry of Information and Communications Technology, Science and Future Planning has allocated 223.7 billion won ($186.7 million) to build a large-scale ecosystem to support the growth of digital content and business growth in the country.
The department wrote in an official statement on Sunday that the money will be used to achieve four major goals to create a comprehensive metaverse ecosystem called the Expanded Virtual World.
The government agency intends to use its metaverse as a platform to extend virtual industrial growth to cities, education, and the media.
Content creators will be supported in many ways to attract the right talent to build the platform. The ministry said it will host community-focused creative events, a metaverse developer competition, and a hackathon.
Simon Kim, CEO of Hashed, noted that the new metaverse platform is specifically focused on facilitating commercial expansion by providing financial support to members. On Monday, he told Cointelegraph that he doesn’t think there’s a problem with government funding because “the private sector is heavily investing in the metaverse market.” He completed:
This is a regulatory issue that the government should pay more attention to. In Korea, the publication of NFT games is prohibited, as is the issuance of tokens. ”
Hashed is an incubator and venture capital for the South Korean ecosystem. He has invested in metaverse projects such as Decentraland and The Sandbox.
Park Yong-gyu, head of communications and policy at the ministry, said in a statement that this metaverse platform initiative is part of a broader “Digital New Deal” in South Korea. According to Pack, the Digital New Deal is a set of guiding principles designed to advance the advancement of digital technologies:
“It is important to create a world-class meta-worst ecosystem as a starting point for advancing a new, highly interconnected industry.”
The ministry also expects global influence, as over time, unhindered access to South Korean companies will be provided. He plans to support the growth of companies by providing financial support and technological development.
Jason Yee, co-founder of multi-grid ecosystem accelerator DeSpread, describes the new funding as a “positive signal” that the Korean government is interested in the metavirus. On Monday, he told Cointelegraph that due to the funding involved, opportunists trying to use it should be “phased out” but:
“Eminent companies building a digital economy in the Metaverse region will be able to prosper with the support of the Korean government.”
Related: Monster Energy Files NFT Files and Metaverse Trademark Applications
The municipal council in Seoul has also explored its options for metaverse public space since last year. Last November, the first plans for a “Metaverse 120 hub” were announced.