South Korea Invests IDR 2.6 Trillion For National Metaverse Development

Korea is investing madly for the development of the national Metaverse. (Unsplash)

JAKARTA – In the midst of the rampant metaverse, a number of countries are competing to be at the forefront of developing the virtual world, including South Korea. The South Korean government recently poured funds worth 177.7 million US dollars (equivalent to Rp. 2.6 trillion) for the development of the metaverse in the country.

The investment is aimed at starting a national metaverse industry. The announcement was made by the Minister of Science and Information and Communication Technology of South Korea, Lim Hyesook.

According to Hyesook, the metaverse is an “uncharted digital continent with unlimited potential.” It shows the South Korean government's view on technology and infrastructure development of the virtual world.

The investment is part of a new technology focus that South Korea has incorporated into its Digital New Deal, a set of guidelines the government is following to encourage citizens to transition to a fully digital society.

Although there are a number of companies that have invested in the development of the metaverse, not many countries have directly poured funds for these future investments.

Coindesk reports that South Korea's Ministry of Science and ICT invested the fund to help educate and train 40,000 metaverse professionals in Korea, increase the more than 200 companies operating in the metaverse space, and, by 2026, turn the country into the fifth largest metaverse market by number. user.

"It is important to create a world-class expanded cyber ecosystem as a starting point for intensively fostering an expanded cyberspace," said Ministry Head, Park Yun-gyu.