South Korea plans to spend $187 Million on its Metaverse ecosystem

The Information Technology Ministry of South Korea has promised an investment of nearly $187 million, to create the country’s Metaverse ecosystem. In a statement, the Ministry of ICT, Science and Future Planning stated that the goal was to train young Metaverse professionals and create a positive business ecosystem around the concept.

The ministry also detailed three other objects for the future, while describing its plans for an expanded virtual world. The government also wants the latest technology to use for the growing education industry in the country, media and its cities. 

The ministry also announced that the content creators will get support from this strategy of the government. It will host hackathons, developer events etc focused on fostering the country’s metaverse community. The ministry will also form favourable regulatory systems and laws.

This is not the first time South Korea and its government have shown interest in the Metaverse. It reinforces the measures already taken by national businesses and governments.

The government said it will nurture 40,000 professionals and 220 companies specialised in metaverse technology and said that it wants to make South Korea the fifth largest metaverse market by 2026.