South Korea invests $177.1 million in Metaverse


The South Korean government is the first country that dared to invest directly in Metaverse. The country will invest over $177 million in startups

South Korean authorities became the first country that dared to invest directly in Metaverse

The country will direct more than $177 mln to startup development

It can become an example for other countries

Earlier this week, South Korea’s Minister of Science, Information and Communications Lim Hesuk announced a new government project. It is designed to support local startups in the field of Metaverse.

According to the politician, meta-universes are now “an uncharted field with unknown potential. And by all appearances, Korea does not want to lose it.

As part of the project, the government will invest $177.1 million in various start-ups to create virtual worlds. This is part of a global strategy for technological development called the New Digital Deal.

Will Seoul set the trend in world politics?

South Korea has become a kind of “trailblazer” in this area. Many companies are investing in Metaverse. But not every country openly expresses interest in this area. Javier Floren, CEO of NFT startup DNAverse, believes that spreading the practice around the world depends on regulatory clarity:

“The legal side is important. The government’s attitude to the regulatory environment. There will be difficulties and risks with any know-how.

Everest Group partner Yugal Joshi also said of the possibility of a new “trend.”

“Authorities are taking this more seriously than before because it’s about a platform where users gather and communicate. Anything that brings people together is of interest to officials.”

However, there are some “weaknesses” in this process. The position of the state as the regulator of this market is still unclear. In addition, an uncontrolled field will entail an increase in crime, which is fraught with additional risks for the audience.