South Korea invests in Metaverse Fund to drive economic growth
Seoul introduced a digital version of itself in the metaverse, which was funded by the South Korean government's investment of around $1.6 million
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Despite the chaos caused by price fluctuations and ecosystem failures in the crypto world, South Korea has focused on the potential of the metaverse as a new source of economic growth.
The Ministry of Science and ICT in South Korea has declared its support by investing 24 billion Korean won ($18.1 million) in a fund specifically aimed at driving metaverse initiatives in the country. As per the official announcement, this fund will have a total of over 40 billion Korean won ($30.2 million) for the development of the metaverse.
South Korea intends to facilitate mergers and acquisitions of different companies within the metaverse ecosystem through the Metaverse Fund. The government's investment in this fund is motivated by the increasing interest of leading technology firms in the metaverse.
The South Korean government recognizes that local companies in the metaverse sector face challenges in raising funds through private investments due to the inherent risks involved.
Therefore, apart from assisting in mergers and acquisitions, the government plans to support domestic metaverse-related companies to enable them to compete effectively with international players. The government has expressed its intention to provide active support to this effect.
