South Korea opens a fund for the development of meta-universesThe South Korean government said it has invested 24 billion Korean won (about $18.1 million) in the initiative, while the fund itself will be worth 40 billion Korean won (about $30.2 million).
Recently, local governments have seen an increase in interest from big tech companies in meta-universes. However, it is difficult for projects to raise the necessary capital through private investment, so the government is ready to allocate funds for the development of projects related to metaworlds. The new fund will help domestic companies compete with major international players in this field, South Korean authorities believe.
In January, the Seoul administration unveiled a digital replica of the city in the metaverse. It spent 2 billion won (about $1.6 million) on the first phase of the project. According to the mayor of the capital, the project will allow residents to communicate with each other in a virtual environment, visit Seoul's landmarks, access official documents, file complaints and interact with city services.
Recall that late last year, the South Korean government published a strategy to develop the Web3 sector and meta-universes, and presented ethical standards for these industries to prevent their use by malicious actors.
