The Ministry This is Science ICT and the Internet of Things South Korea have approved a $51 Million investment in various metaverse projects, doubling down on their bet for the future. The Investment includes a fund to support the growth of metaverse businesses and another investment to construct multiple services, such as regional-specific projects.
South Korea Doubles Down on Metaverse
While private firms are starting to become less interested in the metaverse, South Korea is increasing its support for the local metaverse economy by doubling down. The country announced two initiatives to support metaverse companies and projects to construct products in virtual worlds.
The First of these projects was unveiled on March 8 – a metaverse-growth fund that will permit companies that want to create virtual projects to receive funding directly from the Ministry This is Science ICT and the Internet of Things South Korea. The institution has also allocated $30 million.
The The second project, which was disclosed one day later, concentrates on the development of 13 initiatives that incorporate the metaverse in various convergence areas such as technology, public sector, and industrial. This Second project was given $21 million to complete.
State Funding Claimed To Be ‘More Needed Than Ever’
The Korean This institution acknowledged that it is tough for these companies to raise private funds due to the weak economy. On This is the subject. Oh Yong-soo at the Software Policy Officer Ministry This is Science ICT and commented:
Due to the deteriorating economic environment both domestically and globally, civilian venture investment has been lagging. Government support is more needed than ever. It’s the time to do it.
Since Last year, the Korean The government has actively backed the growth of the metaverse industry in its area, injecting millions directly into the companies involved. In May, Lim HyeDirector of the Ministry This is Science ICT and the Internet of Things South Korea, announced a $177 Million investment in metaverse businesses, becoming one of the first countries to directly invest funds in the sector.
AlsoIn JuneThe ministry announced a program for companies to join its metaverse content creation project. The program has the objective of initiating the local movement to create content in the metaverse as part of the country’s strategy to become a leader in the industry.
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