South Korea’s Metaverse Fund: the billion-dollar investment that boosts the ecosystem

South Korea’s Ministry of Science and ICT announced that it has made investments to boost metaverse initiatives, as well as acquiring ecosystem companies.

Many countries are taking the initiative to enter the NFT and metaverse field because of the many real-life use cases that can drive growth at the government, business and citizen levels.

A precedent related to a South Korean city and the metaverse, is the “Metaverse Special City Seongnam” project, as we have announced in the respective article published from NFTexpressThe objective of this project is the digital recreation of the city in the metaverse, through which it provides access to certain information and state services, through the identification as citizens by means of a non-fungible token (NFT).

On this occasion, the South Korean Ministry of Science and ICT has announced several investments in a fund dedicated to promoting initiatives on the metaverse.

According to the announcement, the South Korean government has invested approximately $18 million dollars to develop a fund of more than $30 million dollars to boost the metaverse ecosystem.

Through the support of the Metaverse Fund, the country will express its support in merger and acquisition actions of companies in the ecosystem. Specifically, the government stated that its objective is to promote the various initiatives of national companies to invest and develop the metaverse.

That is why this fund will be called “Metaverso Mergers and Acquisitions Fund“, so that local companies can compete with other international companies in the same field, adding that they are doing it because they plan to actively support it.

Park Yungyu, the ministry’s head of communication and policy, said it is important to develop a global-class metaverse ecosystem, to be a starting point for fostering a new industry.

The government agency’s objectives for the project include the need to create an expanded metaverse. One of its contents would be the development of creative activities, developer contests, hackathons, among others.

Another precedent is the development by the city of Seoul of its own metaverse, as announced in January. In this way, the government presented an exact replica of the city through its “Metaverse Seoul” project.

In this case, the Seoul government’s main objective is to provide citizens with a virtual environment that allows them to interact with other people in the metaverse, through their own avatars, as well as to learn about the city’s and the country’s tourist attractions, culture, politics, etc.

Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.

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