Sunday, January 29, 2023

South Korea Will Invest $177 Million In Metaverse Projects

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South Korea will invest $177 million in Metaverse projects and will fund companies and jobs in the space as well so let’s read more today in our latest cryptocurrency news.

South Korea will invest $177 million in Metaverse projects and although not a new concept, it is only now getting the attention and capital from many industries. With AI and AR at work, investing in the metaverse seems quite beneficial for most companies and even the government of South Korea agrees on the future of the Metaverse. South Kora announced its intent to invest the money in metaverse-based companies and projects. The Minister of Science and Information and Communication Technologies Lim Hyesook announced the investment plan and pointed out that the metaverse along with the advanced technologies has huge potential for the future.

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The investment is a huge part of the Asian country’s Digital new Deal with the new guidelines established by the government aiming for a smooth transition and complete digitization. Seoul is jumping right into the metaverse that can go mainstream in the next few years and this move provides other countries with a path to follow. The governments are not dipping into the metaverse right now but the South Korean govt decided to ride the wave of Big Tech.

Shanghai also started with public services and both Alibaba and Tencent are developing the metaverse-based products while Alibaba invested in the startup with AR glasses as the main product. Investing in the metaverse is quite risky because you would pour money into something that is unsustainable or whose value is based on the demand and the hype but Seoul wanted to be a part of the buildup phase and many big names like LG Electronics joined the bandwagon with the NFT initiatives. Dipping into the metaverse is quite risky because of its volatile nature and an uncharted technology is often met with resistance. People will look at the risks mroe than they will with the opportunities, especially with the increase in scams that are related to NFT and crypto. The legalities and privacy issues are the most common challenges in the Metaverse space but the country strongly believes in this industry and more countries are likely to follow.

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