South Korea’s government has indicated that it will begin investing directly in metaverse projects. According to Lim Hyesook, minister of science and technology and communication technologies, more than $177 million would be invested to jumpstart national jobs and businesses in this industry. This makes the country one of the first to invest in this field.
While more VC firms and companies are actively investing in the metaverse’s future, certain countries are also prepared to invest in this new field in order to safeguard its future. South Korea is one among them, having recently declared that it will invest directly in metaverse-related enterprises and activities.
Lim Hyesook, South Korea’s minister of research and technology and communication technologies, announced the investment, which would total $177.1 million to restart the national sector. He described the metaverse as “an uncharted digital continent with indefinite potential,” demonstrating the promise this new technology holds for the South Korean government.
The investment is part of South Korea’s new tech focus, which is part of the government’s Digital New Deal, a set of principles aimed at encouraging citizens to move to a fully digital society.