The fact that more and more countries are interested in cryptocurrency is little by little proving that they represent the future. Indeed, recently, South Korea decided to invest in the metaverse. Concretely, in the latest news, South Korea has announced its intention to directly invest its money in companies and projects based on metaverses. According to Lim Hyesook, Minister of Information and Communication Science and Technology, the metaverse coupled with advanced technology had enormous potential. Let’s lift the veil on this fact!
South Korea invests in metaverse projects
The government of South Korea has massive plans to pioneer the adoption of blockchain technology use cases. The government has earmarked US$177.1 million to invest directly in metaverse projects under a new program called the Digital New Deal. Reliable sources claim that the program will be overseen by the Ministry of Science and ICT. The goal of the investment is to kickstart the metaverse space in South Korea by supporting businesses and creating jobs in this nascent sector.
Lim Hyesook, South Korea’s Minister of Science and ICT, describes the current state of the metaverse as “an unexplored digital continent with undefined potential”. Note that the metaverse refers to the virtual world based on the web3 and powered by blockchain technology, digital tokens and NFTs. With this initiative, the South Korean government becomes the first government to invest in this sector dominated by venture capitalists and high-tech investors. While the government is taking its first hesitant steps towards this initiative, South Korean citizens and businesses are not new to this sector.
The potential of the metaverse
As the concept of metaverse begins to incorporate web3 technology through blockchain technology, the future metaverse would be very similar to our real world in many aspects and could even replace some real world activities. Some metaverse non-fungible token (NFT) vendors have already enabled their NFTs to be usable in certain metaverse games, such as clothing and shoes, and others are planning to venture into this area.
A growing number of NFT enthusiasts are also seeing opportunities to invest in virtual lands on these games and sell or rent them for a price. The future metaverse can also contribute greatly to the growth of the virtual economy, which depends on video games and virtual worlds where disruptions are almost zero. As such, users and creators gain a lot and this may even increase if non-fungible tokens (NFTs) are incorporated into game assets so that the decentralization of the virtual economy becomes a reality.
As you can see, it is very likely that NFT and metaverse will be part of the future and the latest actions of the South Korean government only proves how seriously this should be taken.
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South Korean government: an investor for an ultimate breakthrough of the metaverse?
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