South Korea’s Science and ICT Ministry has announced it will hire companies that will participate in its 2022 Metaverse Content Creation Project. A director at the ministry said the project will be funded as part of the country’s industry-leading Metaverse strategy.

Building trust in the Metaverse Content Creation Ecosystem

The South Korean Ministry of Science and ICT, in cooperation with the National Information and Communication Industry Promotion Agency (NIPA), has announced that it will hire companies that will participate in the 2022 Metaverse Content Creation Project. Through the project, South Korea intends to support local Metaverse content creators as well as the issuance of non-fungible tokens (NFTs).

According to a report in the Korean-language publication News 1, the goal of the project is to instill trust in the Metaverse ecosystem for content creation. Four companies will be selected to participate in the project, and each will receive approximately US$160,000 (200 million won).

Meanwhile, Heo Won-Seok, director of software policy at the Ministry of Science and ICT, is quoted in the report as explaining why South Korea is embracing the metaverse. The director said:

This project is being funded as part of the new industry-leading metaverse strategy. We will work hard to lay the foundation for Korea to advance as a leading nation in the Metaverse by providing content that can be enjoyed by different age groups and supporting creative activities by creators.

According to the report, companies wishing to participate in the project must submit their application by July 8. Additionally, the report states that content creators and content development companies wishing to participate can form consortiums with token-issuing companies.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

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