South Korea puts its bet on metaverse, could provide a blueprint for others

May 31, 2021

By Anjali Kochhar

The South Korean government has indicated plans to kickstart the metaverse industry in the nation by creating jobs and supporting companies.

As part of its Digital New Deal, a program for investing in new technologies in the country’s economy, the Ministry of Science and Information and Communication Technologies has its eyes on metaverse expansion, a CNBC report said Monday.

South Korea’s Minister of Science and ICT Lim Hyesook called the metaverse “an uncharted digital continent with indefinite potential,” with the government earmarking 223.7 billion won ($177.1 million) for the endeavor.

Seoul’s metropolitan government has also started building a 3.9 billion-won metaverse platform to allow citizens to access public services virtually.

Metaverse refers to technologies like virtual reality and the idea that people may be playing and living in virtual worlds. In recent time, many governments have shown interest in embracing the metaverse.

Notably, South Korea’s investment of around $177.1 million is among the first investments in the nascent industry to be made by a national government and is a cautious first step into the metaverse. This indicates an interest in a technology that could take centre stage in the coming years and could provide a blueprint for others to follow.

“It’s interesting, it’s predominantly a private sector and Big Tech-driven initiative and trend. Governments have not done much beyond South Korea,” Yugal Joshi, a partner at research firm Everest Group, told CNBC.

Other Asian government bodies are embracing the metaverse too. Shanghai’s authorities are also keen to begin public services to be built with the metaverse in mind.


About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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