South Korea Commits $173 Million To Metaverse Development In 2023
Despite a worldwide slump in the crypto market that has eroded investors’ confidence in this industry, the Web3 space seems to be faring well amid the crypto winter. The evidence lies in South Korea’s decision to go all in on Metaverse in 2023. According to a recent report by South Korean local media, the country’s Ministry of Science and Information. The Ministry of Science and ICT plans to develop its metaverse industry by promoting and supporting customer-facing projects. This includes platform development support, talent cultivation, corporate support, and technology development. The aim is to tap into the rapidly growing metaverse market. Of the 223 billion won, 68 billion is allocated to a metaverse platform that will differ from the existing ones. Part of these funds will also be used to establish an artificial intelligence and metaverse.
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