The South Korean government announced $170 million in funding in January to invest in a virtual reality concept. However, the associated digital technologies paved the way for the nation’s interest in taking the lead in the so-called “Metaverse World” in early 2022.
The money will lay the foundation for the country to be among the top five countries in sub-development by 2026. According to South Korean President Yoon Sok-Yul, technology is a national priority. Minister of Foreign Affairs, Park Jin, stated that the country is poised to become a global powerhouse in the metaverse industry.
South Korea and looking forward to metaverse technology
South Korean companies and local governments have jammed into virtual world projects. However, following the government’s lead. The virtual replica of Seoul is being created as part of a project to provide citizens with digital civil services. Similar metaverse initiatives have been announced by city governments in Busan, Seongnam, and Gumi.
East Gyeongbuk Province has mentioned itself as the “Metaverse Capital” of South Korea. However, it did announce a five-year initiative to invest $13.8 million in the local reverse economy. It was estimated that this would add $780 million to the area’s value.
Reportedly, South Korean companies trail only the US in the number of metaverses. However, related patent applications for virtual reality and augmented reality have been filed since 2016. Although they account for 19% of the 7,760 applications filed. The United States and South Korea account for 75% of the total.
The players are not happy
The Seoul Ministry of Science defines a metaverse as a space where virtual reality and physical reality converge. However, allowing people to interact and create economic, social, and cultural value.
Online game developers in the country are not happy with this statement. They said according to the current rules for game developers that they will not regulate the metaverse.
The reaction came as Seoul’s video game industry remains bound by strict rules. However, local experts said both are outdated and unfair, while the virtual world and game debate rages on in South Korea. According to Meizu IT, the country should continue to invest in the virtual world.