Ministry of Science and Future Planning of South Korea has invested over $150 million in creation of a metaverse ecosystem. With this, they’re aiming to support the growth of digital content and corporate growth within South Korea.
According to an official statement, the ministry stated that they’ll utilize the funds on completing four main objectives. They’ve also given the name of their metaverse ecosystem: “Expanded Virtual World”.
Moreover, the government agency is looking at using metaverse as a platform to expand the virtual industrial growth of cities, education, etcetera.
With this, content creators can enjoy support on various fronts as well as attract the right talent. This in turn will help build the platform attracting more content creators.
Besides all this, the ministry stated that they’ll host community-oriented creative activities, a metaverse developer contest, and a hackathon.
CEO of Hashed which is a crypto-focused venture fund, Simon Kim talked about the new metaverse platform. He said that the platform will boost commercial expansion through financial support for participants. Moreover, during his interaction with Cointelegraph, he doesn’t seem to find any problem with the government providing funding for the metaverse project. Moreover, he added:
“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”
Hashed is one of the popular ecosystem venture capital and incubator. So much so that it has invested in metaverse projects such as Decentraland and The Sandbox.
Besides Simon, co-founder of DeSpread, Jason Ye has also lauded the government funding for the metaverse project as a “positive signal”. Moreover, he said:
“Outstanding companies building a digital economy in the metaverse will be able to thrive with the Korean government’s support.”