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South Korea commits $51M to support metaverse development Sou | Metaverse | DeFi | Nfts | Trading

South Korea commits $51M to support metaverse development

South
Korea has recently announced a significant investment of 27.7 billion Korean won (US$21 million) into local services that aim to utilize the metaverse. According to a press release by the South Korean Ministry of Science and ICT, the investment will support 13 new projects in sectors such as healthcare, education, and tourism that will leverage the metaverse to improve public services.

Funds will support 13 new metaverse projects This announcement comes on the heels of news from earlier this week that South Korea will establish a $30 million metaverse fund to help startups expand their businesses. The fund aims to encourage smaller enterprises in the metaverse sector to expand their operations globally through mergers and acquisitions. South Korea has been actively investing in the development of the country’s metaverse ecosystem. In February 2022, the country invested approximately $185 million towards metaverse efforts.

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