South Korea allocates $51 million to support the development of the metaverse

  • South Korea has announced a $51 million investment to support the development of its metaspace industry.
  • The latest investment comes just a month after the country committed $185 million to metaspace projects.

South Korea recently announced a significant investment of 27.7 billion Korean won (US$21 million) in local services that aim to exploit the metaverse.

According to a press release from South Korea’s Ministry of Science and ICT, the investment will support 13 new projects in sectors such as healthcare, education and tourism that will use the metaverse to improve public services.

The funds will support 13 new metaverse projects

This announcement comes on the heels of news earlier this week that South Korea will set up a $30 million metauniverse fund to help startups scale their businesses.

The fund aims to encourage smaller businesses in the metaspace sector to expand globally through mergers and acquisitions. The press release states,

“In the field of industrial convergence, the metauniverse health platform, which provides various health services such as health management and psychological counseling, and the metauniverse education platform, which provides high-quality public education services for students with health disabilities in elementary, secondary and tertiary education schools , are discussed.”

South Korea actively invests in the development of the country metaverse ecosystem. As of February 2022, the country has invested an estimated $185 million in metaspace efforts.

These funds will be used to build metaspace laboratories, academies and universities in the country. Since then, both the private and public sectors have launched various metaverse projects, including the Seoul metaverse replica.

While South Korea has invested heavily in the metaverse, one of the world’s leading metaverse developers, Meta Platforms’ Reality Labs, reportedly lost US$13 billion last year as its virtual platform Horizon Worlds failed to attract a significant number of returning users.

Despite the excitement surrounding the metaverse, Google Trends reports that netizens have gradually lost interest in the term over the past year. The term’s popularity is down 76% from its annual peak in March 2022.

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