South Korean Ministry of Science and ICT are in “fully-fledged support” for the creation of an Extended Virtual World ecosystem.
The ministry’s official statement pledged to donate over $223B Korean Won (US$186.7M) in an attempt to complete 4 main objectives.
- Build A Platform
- Fostering Professionals
- Fostering Specialised Companies
- Creating A Reliable Extended Virtual World Enviroment
With the completion of these objectives, the ministry will attempt to use its “Metaverse” to create a decentralized creator economy. With plans to expand the virtual growth of cities, education, and media.
Above all, the ministry expects its metaverse to have a global influence. The metaverse will provide seamless access to South Korean companies over time.
Together with financial and technological support to companies leading the expanded virtual world industry, South Korea aims to provide a lot of corporate support for developers.
Meanwhile, a broad government council is in the works to tackle issues in the virtual space. Issues such as personal information and intellectual property protection, and supervision of illegal acts.
“We will spare no effort to support domestic companies, young developers, and creators so that they can find new growth opportunities in the infinite digital economy territory created by the expanded virtual world and open up a healthy expanded virtual world.”
Park Yun-gyu, Head of Information and Communication Policy, Ministry of Science and ICT
