South Korea Doubles Down on Metaverse, Announces $51 Million Investment in Related Projects

The Ministry of Science and ICT of South Korea has approved investments of $51 cardinal successful assorted metaverse projects, doubling down connected its metaverse stake for the future. The concern includes a money for supporting the maturation of metaverse companies and different peculiar concern to physique respective services including region-specific projects.

South Korea Continues Investing successful the Metaverse

While the involvement successful the metaverse by immoderate backstage companies has started to chill off, South Korea is doubling down connected its stake to support supporting the section metaverse economy. The state announced a brace of initiatives directed to enactment metaverse projects and companies to physique products connected apical of virtual worlds.

The archetypal of these projects, announced connected March 8, constitutes a metaverse maturation money that volition let companies that privation to make virtual projects to get backing straight from the Ministry of Science and ICT of South Korea. For this, the instauration has allocated $30 million.

The 2nd project, announced 1 time later, has to bash with the improvement of 13 circumstantial initiatives which see the metaverse successful antithetic convergence areas, including technology, determination projects, the nationalist sector, and industry. This 2nd task has allocated $21 cardinal for its completion.

State Funding Said to Be ‘Needed More Than Ever’

The Korean instauration recognized that the weakness of the existent satellite system makes it hard for these kinds of companies to rise funds privately. On this subject, Oh Yong-soo, bundle argumentation serviceman astatine the Ministry of Science and ICT, stated:

Due to the deteriorating economical concern astatine location and abroad, civilian task concern has dried up. Government enactment is needed much than ever. It’s clip to bash it.

Since past year, the Korean authorities has actively invested successful the maturation of its section metaverse industry, injecting millions successful funds straight into companies successful the field. In May, Lim Hye-sook, manager of the Ministry of Science and ICT of South Korea, announced an concern of $177 cardinal successful metaverse companies, being 1 of the archetypal countries to straight enactment funds into the assemblage astatine that time.

Also, successful June, the ministry announced a programme to enlistee companies to beryllium portion of its metaverse contented instauration project. The programme has the nonsubjective of kickstarting the section question to make contented successful the metaverse arsenic portion of the country’s strategy to beryllium a pioneer successful the industry.

What bash you deliberation astir South Korea’s $51 cardinal concern successful metaverse projects? Tell america successful the comments conception below

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