As the global economy struggles with turmoil, South Korea is doubling down on the metaverse’s potential as a new economic growth engine.
by the Ministry of Science and ICT of South Korea Announcing a fund investment for a domestic metaverse push followofficial announcement The South Korean government invested 24 billion won ($18.1 million) to fund more than 40 billion won ($30.2 million) to develop the metaverse.
With the help of the Metaverse Fund, South Korea will encourage mergers and acquisitions of companies in the Metaverse ecosystem, with the government citing the growing interest of major tech companies in the metaverse as a reason to invest in the fund.
The government acknowledges that it is difficult for local players to raise capital through private investment. by considering investment risks and the consequences In addition to mergers and acquisitions South Korea intends to help metaverse-related companies in the country compete with global players, adding, “We plan to actively support it.”
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