The South Korean government announced that they are ready to invest $170 million in virtual reality concept investment in January. However, its related digital technologies are pushing South Korea to lead the "metaverse world".
The fund will lay the foundation for the country to be among the top five countries in metaverse development by 2026. According to South Korean President Yoon Suk-yeol, technology is a national priority. Park Jin, Minister of Foreign Affairs, stated that the country is ready to become a superpower of the metaverse.
South Korean companies and local governments have focused on virtual world projects. A virtual replica of Seoul is being built as part of a project to provide citizens with digital public services. Similar metaverse initiatives have been announced by city governments in Busan, Seongnam and Gumi.
East Gyeongbuk Province calls itself the "metaverse capital" of South Korea. They also announced a five-year initiative to invest $13.8 million in the local metaverse economy. It is estimated that they will add $780 million to the region's value.
South Korean companies are so far behind the United States in the metaverse. However, related patent applications for virtual reality and augmented reality were filed since 2016. Although, accounted for 19% of the 7,760 applications filed. The United States and South Korea accounted for 75% of the total.
South Korea's Ministry of Science defines the metaverse as a space where virtual and physical reality converge. At the same time, allowing people to interact and create economic, social and cultural value.
Waima so the statement of the South Korean government received criticism in the players of the game developer industry. They say according to existing laws for game developers, the government will not control the metaverse.
