Representatives of Meta (formerly known as Facebook) from South Korea are confident the country has the best environment for metaverse business development.
According to South Korea's Meta director Jung Ki Hyun, the country has a high level of adaptability for metaverse businesses and virtual reality (VR) devices such as Oculus Quest, an original equipment manufacturer (OEM) environment, and its potential as a domain for content creators and developers. .
As a record from the Korean Ministry of Science, the annual growth for the VR market in the country recorded a jump of over 36% in 2018.
Following that, they expect its value to increase by more than $ 2.5 billion by 2024.
However Jung stressed a key aspect that needs to be the focus - developing a suitable ecosystem for users and creators before implementing the concept.
For example, non-fungible token (NFT).
For the record, Meta is actively working to develop a metaverse ecosystem and offer opportunities for creators through multi -billion dollar investments.
Creators of virtual goods will be widely accepted through NFT technology with the objective of making them fully interoperable across most platforms.
