South Korea’s Ministry of ICT, Science, and Future Planning announced a 223.7 billion KRW ($186.7 million) investment to create a broad Metaverse ecosystem to support the growth of digital content within the country. The Ministry wrote in an official statement on Feb. 27 that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing Metaverse ecosystem titled the Expanded Virtual World.
Metaverse will be used to expand the virtual industrial growth of cities, education, and media.
The South Korean government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media. Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform. The Ministry said that it would host community-oriented creative activities, a Metaverse developer contest, and a hackathon. CEO of Hashed Simon Kim pointed out that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants.
South Korea’s financial watchdog had said to keep a closer eye on Metaverse and NFT.
As reported earlier, one of South Korea’s financial services watchdogs has included cryptocurrency and related developments such as the Metaverse in its list of sectors. The watchdog will keep a closer eye on this coming year. The Financial Supervisory Service (FSS) is keen to protect consumers at a time when the digital asset industry has seen a great boom in the country. In its annual work plan released this month, the watchdog announced that it would strengthen its supervision of new trading assets, including non-fungible tokens (NFTs), a sector whose rapid surge in popularity has become quite a concern for regulators.