South Korea has allocated $186 million to create a metaverse

The South Korean government has allocated $186 million for the creation of a national metaverse project.

South Korea’s Ministry of Science, Information and Communication Technology and Future Planning has allocated 223.7 million won for the creation of a national metaverse. Information material from catalogue cryptodefix.com. The Expanded Virtual World Project is designed to promote corporate growth in the country and support the development of digital content. The created metaverse will help the development of business, education, and media in the virtual world.

“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.” - the ministry noted.

Authorities said the creation of the project is part of South Korea’s broader New Digital Deal initiative. This program includes many areas aimed at the development of digital technology. The ministry believes that the virtual world will provide global access to South Korean companies.