Home News South Korea To invest $117 million To Kick Start The Metaverse

South Korea To invest $117 million To Kick Start The Metaverse

2022-06-02 17:30:21
South Korea Kick Start Investment In Their Metaverse Market
The South Korean Government has made an official announcement that it will be investing more than $117 million in the metaverse, which is one of the fastest-growing sectors in the blockchain industry. Will this decision place South Korea as a national leader in the area of the metaverse and a pacesetter for the government of other nations?

There has been unprecedented growth in the area of the metaverse, as we have seen so many cryptocurrency projects launch their metaverse platforms. While some are yet to launch their metaverse platforms, others have launched their NFTs and when a project has good utility, investors and traders will want to be part of such a project. The number one altcoin, Ethereum, is trading at a price of $1940.77 and the price is down by 1.17% at the time of writing. You can buy Ethereum on the gate.io exchange.

The Potential Of The Metaverse

We have seen different companies, organizations, and nations interested in investing in the metaverse and this is due to the potential of the metaverse. Companies such as Samsung, Microsoft, Apple, Snapchat, Decentraland, Alphabet and so much more are investing heavily in the metaverse. These tech giants have seen that in the future, there will be an alternative digital art where customers can relate to the company’s products. Even the gaming industry has been revolutionized by the metaverse.

Dubai is also one of the leading nations in the areas of the metaverse. In the month of May, the committee overseeing the Dubai metaverse strategy hopes that Dubai’s metaverse sector will support 42,000 virtual jobs and add $4 billion to its economy by 2030, and by that, the metaverse would increase its contribution to 1 percent of the emirate’s GDP.

In that same month, a wedding ceremony and reception took place in the metaverse by a couple in Dubai. In addition to the 42,000 jobs, the committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent. So it is not new that South Korea also wants to invest in the metaverse.

The potential metaverse market opportunity ranges from $3.75 trillion U.S dollars to $12.46 trillion dollars according to Statista, could this be the reason the South Korean government wants to invest so much in the metaverse? You can buy some cryptocurrency like Shiba Inu which has its own metaverse on the Gate.io exchange. In February 2022, the South Korean government said its aim by 2026 is to create the fifth-largest metaverse market in the world by creating a world-class metaverse ecosystem according to a statement released by the Ministry of Science and Information and Communication Technology.

The Minister of Science and Information and Communication Technology, Lim Hyesook, on May 31 stated that the South Korean Government will start investing more than $177 million dollars to kick start the metaverse project. The government aims at creating lots of jobs via the metaverse, which will be the fate of the crypto community in South Korea.

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