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- Gyeongbuk Province of South Korea declared itself a ‘metaverse province’ in February 2022.
- The province’s governor spoke about broadening ties during his visit to Vietnam’s Bắc Ninh province.
- South Korea’s President said his government has set aside $185 million to develop the metaverse.
Metaverse provides an immersive experience in the virtual world, and its use cases are being identified. Could its be used to strengthen international ties? Gyeongbuk Province in South Korea, is trying to bolster its economic and other ties with Vietnam.
The province’s governor, Lee Cheol-Woo, during his trip to Vietnam on Friday, stated in the country’s Bắc Ninh province,
“We will emphasise growing economic, cultural, commercial, and people-centered contacts with Vietnam through the metaverse.”
Gyeongbuk Province declared itself as South Korea’s “metaverse capital” in February, announcing legislative exclusion and tax benefits. A province representative said they hadn’t determined any particular investment numbers.
Metaverse can be understood as a matrix of 3D virtual worlds; users can access the metaverse using Virtual Reality (VR) headsets. It can also be termed the third version of the decentralized internet, or Web3, based on blockchains
The province announced in June 2022 that they would spend 18 billion Korean won (approx. $13.8 million) in order to place themselves as a center for metaverse development. They will be utilizing the nation’s technological and cultural resources for the same. Forecasts suggest that this program could increase the province’s value by 1 trillion won.
Yoon Suk-yeol, the newly elected president of South Korea, has positively placed the advancement of Web3 and metaverse in the checklist of national objectives for his tenure. The Ministry of Science and ICT ear-marked $185 million to encourage the research and development of projects associated with metaverse development.
Applications of Metaverse.
Metaverse allows a wide range of applications. Users would be able to play games, hang out with friends, attend concerts in a digital space.. As the technology is still in its initial stages, a lot of work is required to make it suitable for mass adoption.
The partnership between South Korea and Vietnam will allow these technological giants of Southeast Asia to collaborate and explore the metaverse. This is positive news for the world as Asia is gaining traction in the metaverse arena, and such steps to pool their resources shall bring better advancement to the industry globally.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
