South Korea Doubles Down on Metaverse, Announces $51 Million Investment in Related Projects
The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects.
Due to the deteriorating economic situation at home and abroad, civilian venture investment has dried up. Government support is needed more than ever. It’s time to do it. Since last year, the Korean government has actively invested in the growth of its local metaverse industry, injecting millions in funds directly into companies in the field. In May, Lim Hye-sook, director of the Ministry of Science and ICT of South Korea,
an investment of $177 million in metaverse companies, being one of the first countries to directly put funds into the sector at that time.a program to recruit companies to be part of its metaverse content creation project. The program has the objective of kickstarting the local movement to create content in the metaverse as part of the country’s strategy to be a pioneer in the industry.
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