The modern world is moving at a fast pace. Waves of digitization have revolutionized the way we perceive today’s globe. New concepts and ideas like NFTs and the metaverse have taken the world by storm. The adoption rate of these emerging industries is skyrocketing, as consumers continue to show more and more interest in them. Recently, South Korea has also moved in favor of metaverse technology. The country aims to become a hub of the metaverse industry in the coming years.
South Korea has announced that it plans to become the fifth-largest country in the global metaverse market. The country has set this target till the year 2026. For this purpose, Korea is planning to facilitate 40,000 professionals along with 220 companies that hold expertise in the metaverse industry. The government is moving according to a strategic plan to use the metaverse technology to support the economy.
South Korea continues to prepare for the future
The Ministry of Science and ICT has established four goals as per the new plans. The first goal is to activate the ecosystem for metaverse platforms. Second and third goals are to nurture professionals and foster companies, respectively. Lastly, the fourth goal is to allow a safe and sound environment for metaverse users. All of these goals primarily focused on making the emerging technology more relevant in the country.
The Government of South Korea will back developers that work individually or in companies. However, the development of metaverses will be overseen by the country’s private sector. To put it simply, the Government has outsourced the development of metaverses by supporting private developers instead of coming up with its own project.
South Korea has further planned the implementation of metaverse in various fields and industries. Tourism, art, entertainment, K-Pop, and culture will be the most influenced sections of Korean society. Moreover, an online Korean teaching institute will also be built on the metaverse. There will be a Korean metaverse academy to polish the skills of talented individuals. The government will financially support two convergence graduate schools for 5 years. A fund of 5.5 billion won will be allocated to each school.
New startups and companies will also be supported by the South Korean government through a special metaverse fund. Moreover, the government wishes that each of the 220 metaverse companies will hit the target of 5 billion in annual sales by 2026. At the same time, authorities will also set an ethical and regulatory framework for these companies to comply with.
