South Korea to Invest $177 Million Directly in Metaverse Platforms

South Korea to Invest $177 Million Directly in Metaverse Platforms

The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field. South Korea Gets Into the Metaverse

While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure the future. South Korea is one of them, having recently announced it is going to invest directly in companies and initiatives related to the metaverse.

The investment, which will amount to $177.1 million to kickstart the national industry, was announced by the minister of science and information and communication technologies of South Korea, Lim Hyesook. He stated the metaverse is “an uncharted digital continent with indefinite potential,” showing the possibilities the South Korean government sees in this new technology.

The investment is part of the new tech focus South Korea has included in its Digital New Deal, a set of guidelines that the government is following to push citizens to transition to a fully digital society. A Virgin Field

While there are various companies and firms that are already investing in the metaverse, there are not many countries that have gotten into such investing directly. This is likely because there are many regulatory questions still unanswered about the operation of metaverse companies and the intersection of Web3 technologies, which can include a cryptocurrency element in the mix.

Javier Floren, CEO of NFT startup DNAverse, thinks that the metaverse and crypto experiment will be largely influenced by regulation. 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, with South Korea actively entering into metaverse investments, other countries might follow. About 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. Tags in this story Digital New Deal, Lim Hyesook, Metaverse, Regulation, South Korea

What do you think about South Korea investing directly into metaverse companies? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Report: Latam Countries Are Among the Most Enthusiastic About the Metaverse METAVERSE | 2 days ago Former Nintendo President States Gaming Companies Are Marching to the Metaverse METAVERSE | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFresh Gains Push Bitcoin Back Into the World’s Top 10 Most Valuable Assets Next articleBrazilian Development Bank Launches Blockchain Network Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike