South Korea is ramping up its commitment to the Metaverse with an impressive investment of $177 million.

The South Korean government is taking a momentous step into the Metaverse by committing $177 million towards nurturing the industry and fostering growth in Metaverse-related careers and enterprises. This initiative positions South Korea as one of the pioneering national governments investing in the evolution of the digital landscape.

The funding announcement was made by Lim Hyesook, South Korea's Minister of Science, Information, and Communication Technologies. Hyesook has expressed optimism about the Metaverse sector, highlighting its untapped potential. CNBC This substantial investment signifies the dawn of a new digital age for South Korea, indicating a pivot towards a completely online society. The government has recently initiated the Digital New Deal, aiming to inject resources into future-oriented technologies that would facilitate citizens' transition into the Metaverse.

Yugal Joshi, a partner at the Everest Group research firm, notes, 'It's fascinating because this is largely a trend driven by the private sector and major tech companies. Other governments have yet to match South Korea's commitment.'

In the heart of South Korea, Seoul is allocating approximately 3.9 billion won (around $3.14 million) to develop a platform within the Metaverse, designed to enable residents to access public services virtually. told  CNBC. 

Other nations in Asia are also stepping into the world of virtual advancements. Recently, Shanghai unveiled a five-year roadmap aimed at integrating Metaverse capabilities into public services, business operations, and social entertainment avenues.

As the Metaverse landscape is still evolving, there isn’t a definitive leading platform yet. Countries across the globe are exploring the Metaverse with the hope of crafting the ultimate virtual experience, not merely for financial gain but to enrich everyday life.

The UK government is strategizing to introduce its NFT with the aim of establishing itself as a 'Global Hub for Cryptoasset Technology'.

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