South Korea to Invest $177 Million Directly in Metaverse Platforms

South Korea to Invest $177 Million Directly in Metaverse Platforms

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14/07/2022 by Koinal
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South Korea announced that it will invest in metaverse projects directly. Lim Hyesook, minister of science and information and communications technologies, said that more than $177 million will be invested to kickstart foreign jobs and companies in this field. South Korea is one of the first countries to establish funds in this field.
South Korea to Invest $177 Million Directly in Metaverse Platforms

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South Korea announced that it will invest in metaverse projects directly. Lim Hyesook, minister of science and information and communications technologies, said that more than $177 million will be invested to kickstart foreign jobs and companies in this field. South Korea is one of the first countries to establish funds in this field.

In addition to investing in the future of the metaverse, some nations are also eager to invest in this new area to secure the future. South Korea announced recently that it would invest directly in companies and initiatives related to the metaverse.

Lim Hyesook, the minister of science and information technology and communication technologies in South Korea, announced the investment, which will amount to $177.1 million. In a statement, he declared the metaverse is “an uncharted digital continent with indefinite potential,” showing the possibilities the South Korean government sees in this new technology.

While many companies and firms are already investing in the metaverse, there are few countries that have mastered investing directly. This is likely due to many regulatory concerns regarding metaverse companies and the intersection of Web3 technologies, which may include a cryptocurrency element.

According to Javier Floren, CEO of the NFT startup DNAverse, regulation is likely to influence the metaverse and crypto experiment further. He stated:

It’s going to depend on how different countries approach the legal side. With any new technology or disruptive ecosystem and new places to interact, there will be issues, challenges, and for sure dangers.

However, other countries might follow after South Korea launches metaverse investments. As for this possibility, Everest Group partner Yugal Joshi told CNBC:

Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together. Anything which makes people come together, it makes governments interested.

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