The South Korean government has announced that it will invest directly in Metaverse projects. More than $177 million will be invested to boost national jobs and businesses in this field, according to Lim Hyesook, Minister of Science and Information and Communication Technologies. South Korea is one of the first countries to invest funds in this area.

South Korea enters the Metaverse

As more VC firms and corporations actively invest in the future of the metaverse, some nations are also preparing to invest in this new realm to secure the future. South Korea is one of them, recently announcing plans to invest directly in companies and initiatives related to the metaverse.

The investment, which will total US$177.1 million to boost the national industry, was announced by South Korea’s Minister of Science and Information and Communication Technologies Lim Hyesook. He explained that the metaverse is “an uncharted digital continent with undetermined potential,” showing the possibilities the South Korean government sees in this new technology.

The investment is part of the new technology focus South Korea has included in its Digital New Deal, a set of guidelines the government is following to encourage citizens to transition to a fully digital society.

A virgin field

While there are various corporations and firms already investing in the metaverse, there are not many countries that have jumped directly into such investments. This is likely because there are still many unanswered regulatory questions surrounding the operation of Metaverse businesses and the intersection of Web3 technologies that may include a cryptocurrency element in the mix.

Javier Floren, CEO of NFT startup DNAverse, believes the metaverse and crypto experiment will be largely influenced by regulation. He explained:

It will depend on how different countries approach the legal side. With every new technology, disruptive ecosystem, and new places to interact, there will be problems, challenges, and certainly dangers.

However, as South Korea is actively making Metaverse investments, other countries could follow. About this possibility, Everest Group partner Yugal Joshi told CNBC:

Some things are happening in bits and pieces, but I think that tells you that governments are starting to take this more seriously because it’s a platform for people to come together. Anything that brings people together gets governments interested.

What do you think of South Korea investing directly in Metaverse companies? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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