South Korea has set its sights firmly on the Metaverse with a huge investment amidst the chaos in the crypto sector. The government clearly believes now is the time for South Korea to set its roots in the industry.
While much of the crypto sector has been in disarray following the collapse of major crypto projects, including FTX, South Korea has been moving in on the Metaverse.
The country’s Ministry of Science and ICT recently invested 24 billion won, around $18.1 million, in a fund valued at over 40 billion won, or around $30.2 million.
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According to an announcement, this fund aims to promote the development of the Metaverse in South Korea and support mergers and acquisitions in the Metaverse sector.
The announcement highlighted that despite a deteriorating global economy, the world was still paying attention to the Metaverse.
The ministry noted that using the fund to aid mergers and acquisitions would help South Korean firms grow into competitive companies worldwide.
With the investment, South Korea is making a strong statement regarding its intentions toward the Metaverse. The country’s capital Seoul has already launched a Metaverse project, with plans to spend $187 million on it.
South Korea has been quite active in the Metaverse since 2022. By Q3 2022, the country had invested nearly $200 million to create a Metaverse ecosystem. Additionally, it has proposed a bill in parliament called the Metaverse Industry Promotion Act, which will provide legal protection for Web3 players.