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- The Ministry of ICT, Science, and Future Planning in South Korea has pledged 223.7 billion KRW ($186.7 million) to build a comprehensive Metaverse ecosystem to support the expansion of digital content and corporate growth in the country.
- Money will be used to achieve four key objectives in the building of the Expanded Virtual World, which appears to be an all-encompassing Metaverse environment, according to a statement released by the Ministry on Feb. 27. The government agency intends to use the Metaverse to further the virtual industrialization of cities, education, and media.
According to Hashed CEO Simon Kim, the new Metaverse platform focuses on promoting commercial expansion by providing financial support to players. He stated today that the government should not subsidise the metaverse because the private sector is aggressively investing in it.
The government will contribute $186.7 million to the Metaverse platform, which it hopes will attract businesses and industry.
A Comprehensive Metaverse Ecosystem Will Cost $186.7 Million To Build
The Ministry of ICT, Science, and Future Planning in South Korea has pledged 223.7 billion KRW ($186.7 million) to build a comprehensive Metaverse ecosystem to support the expansion of digital content and corporate growth in the country. Money will be used to achieve four key objectives in the building of the Expanded Virtual World, which appears to be an all-encompassing Metaverse environment, according to a statement released by the Ministry on Feb. 27. The government agency intends to use the Metaverse to further the virtual industrialization of cities, education, and media.
On numerous fronts, content creators will be supported in attracting the best employees to help build the platform. According to the Ministry, community-oriented creative events, a Metaverse developer contest, and a hackathon will be held. According to Hashed CEO Simon Kim, the new Metaverse platform focuses on promoting commercial expansion by providing financial support to players. He stated today that the government should not subsidise the metaverse because the private sector is aggressively investing in it. He went on to say: The government should pay more attention to the regulatory issue. The publication of NFT games is forbidden in Korea, as is the issuing of tokens.
Hashed is a South Korean crypto ecosystem venture capital and incubator. It has backed initiatives like Decentraland and The Sandbox in the metaverse. The plan to establish a metaverse platform, according to Park Yungyu, chief of the ministry’s communication and policy department, is part of South Korea’s broader Digital New Deal. According to Park, the Digital New Deal is a series of policies aimed at fostering the growth of digital technology.
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A Digital Economy In The Metaverse
It’s important to build a world-class Metaverse ecosystem as the foundation for actively cultivating a new hyper-connected sector.
The Ministry hopes for its Metaverse to have a global reach since it will provide seamless access to South Korean businesses over time. It intends to help businesses thrive by providing financial assistance and technology advancement. The additional funding, according to Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, is a good indication that the Korean government is interested in the Metaverse. He told today that opportunists who try to profit from it should be screened out because of the finance involved, adding that With the Korean government’s help, outstanding enterprises establishing a digital economy in the Metaverse will be able to prosper.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
