The South Korean Ministry of Science and ICT has approved investments of $51 million in various metaverse projects, doubling down on its commitment to the metaverse for the future. The investment includes a fund to support the growth of metaverse companies and other special investment to build various services, including region-specific projects.
South Korea continues to invest in the metaverse
While interest in the metaverse from some private companies has begun to cool, South Korea is doubling down on its bid to continue supporting the local metaverse economy. The country announced a couple of initiatives aimed at supporting metaverse projects and companies to build products on top of virtual worlds.
The first of these projects Announced on March 8, it sets up a metaverse growth fund that will allow companies that want to develop virtual projects to obtain funding directly from the South Korean Ministry of Science and ICT. For this, the institution has allocated $30 million.
The second project, Announced a day later, it has to do with the development of 13 specific initiatives that include the metaverse in different areas of convergence, including technology, regional projects, public sector and industry. This second project has earmarked $21 million for completion.
State funding is said to be ‘needed more than ever’
The Korean institution recognized that the weakness of the current world economy makes it difficult for these types of companies to raise funds privately. On this topic, Oh Yong-soo, a software policy officer at the Ministry of Science and ICT, said:
Due to the deteriorating economic situation at home and abroad, civil risk investment has been exhausted. Government support is needed more than ever. It’s time to do it.
Since last year, the Korean government has actively invested in growing its local metaverse industry, pumping millions in funds directly into companies in the field. In May, Lim Hye-sook, the director of South Korea’s Ministry of Science and ICT, announced a $177 million investment in metaverse companies, being one of the first countries to put funds directly into the sector at that time.
Additionally, in June, the ministry announced a program to recruit companies to be part of its metaverse content creation project. The program aims to jumpstart the local content creation movement in the metaverse as part of the country’s strategy to pioneer the industry.
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