South Korea Sprints in the Metaverse Market to Invest $187M

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Korea’s Ministry of ICT, Science and Future Planning unveiled a plan Thursday directed on the country’s aspirations to make it big in the Metaverse by allocating 223.7 billion Korean won (186.7 million USD). With this long-term plan, the country is set to embark on the ambitious path of becoming the world’s fifth-biggest Metaverse market by the next five years.

The plan also elaborates on achieving the goal by promoting about 220 companies of the Metaverse, which have sales volumes amounting up to 5 billion won (4.2 million USD). This will, in turn, nurture a Metaverse friendly environment with at least 40,000 local players by the year 2026, as quoted by the ICT and Science Ministry.

To strengthen the country’s Metaverse mechanism, the government will also house a Metaverse hub by fueling startups and offering them basic amenities. This will, in turn, help the small-scale firms to prosper and bridge the gap in the market.

Speaking on Metaverse, the Science and ICT Minister Lim Hye-sook said, “Metaverse is a digital new continent with infinite potential, and anyone can achieve their dreams by playing as the main character. In particular, it will be a space of opportunity for young people to challenge more and grow bigger to leap into a wider world.”

The Metaverse primarily focuses on the virtual space shared amongst the users online. They find a platform to interact through digital avatars and provide a doorway to venture into virtual reality (VR). Especially with the extent of a pandemic, the social space has shifted to the digital space as people adjusted to the new regular online.

Roopashi Semalty
Roopashi Semalty

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