South Korea has recently announced a noteworthy investment of 27.7 billion Korean won (equivalent to US$21 million) to support the development of the metaverse. As per the press release issued by the Ministry of Science and ICT, the investment will be directed towards 13 new projects in various sectors including healthcare, education, and tourism. The aim is to utilize the metaverse to enhance public services.
This announcement follows the news from earlier this week that South Korea is planning to establish a metaverse fund of $30 million to assist startups in expanding their businesses. The fund intends to encourage smaller enterprises in the metaverse sector to extend their operations globally through mergers and acquisitions. South Korea has been actively investing in the development of the country’s metaverse ecosystem, with a considerable amount of approximately $185 million invested towards metaverse initiatives in February 2022
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