South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion Korean won to create a broad metaverse ecosystem to support the growth of digital content and corporate growth within the country.on Sunday that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing metaverse ecosystem titled the “Expanded Virtual World.”
Hashed CEO Simon Kim pointed out that the new metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He told Cointelegraph on Monday that he doesn’t think there is a problem with the government providing funding because “the private sector is actively investing in the metaverse market.” He continued:
Park Yungyu, head of communication and policy department at the ministry, stated in the announcement that this initiative to build a metaverse platform is part of the broader “Digital New Deal” in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park, who added:
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