South Korea Allocates Over $30 Million Towards Metaverse Fund to Stimulate Economic Development

With the government’s keen interest in the metaverse's ability to generate economic stimulation amidst the fluctuating crypto scene, the Ministry of Science and ICT has allocated over 40 billion Korean won (approximately $30.2 million), with an initial 24 billion won (around $18.1 million) already invested. This funding is anticipated to significantly advance the metaverse landscape in South Korea and could profoundly impact its thriving technological sector. announced a dedicated fund The initiative to invest in this fund stemmed from the increasing enthusiasm demonstrated by major technology firms towards the metaverse. Ultimately, the fund aims to deliver targeted assistance for developing the metaverse in South Korea.

Recognizing the challenges faced by domestic metaverse companies in securing funding via private investment due to inherent risks, the South Korean government has devised a strategy to support smaller firms in this sector as they compete with global giants, including assistance with mergers and acquisitions.

In related news, KT has introduced a cutting-edge metaverse platform named GenieVerse that can replicate a real-life residence. This platform enables users to digitally recreate their homes utilizing blueprints of their house structure from an aerial view. Incorporating AI-driven digital twin technology, users can craft personalized avatars with a vast selection of over 1,000 items. The GenieVerse platform is now available for download on both Google Play and the Apple Store.

Throughout the past year, South Korea has made several announcements regarding its investments in the metaverse. Just last summer, Dunamu, a prominent blockchain firm in South Korea, made a significant move by investing 500 billion won ($380 million) into web3 startups, with a commitment to generate 100,000 job opportunities in the country over the following five years. Concurrently, the South Korean government had already initiated measures to support and foster the growth of metaverse-related jobs and enterprises, positioning itself as one of the pioneering national governments to financially back the evolution of the virtual landscape. released UAE Ministry of Economy Launches a Virtual Office in the Metaverse

Solana Secures $100 Million for Web3 Initiatives in South Korea It's important to highlight that the information provided on this page does not constitute legal, tax, investment, or financial advice in any form. Always invest responsibly and within your means, and if you have any uncertainties, consult a qualified financial advisor. For more detailed insights, we recommend reviewing the terms and conditions and the support resources available from the issuer or promoter. MetaversePost endeavors to provide accurate and unbiased reporting; however, market conditions can change unexpectedly. Agne is a journalist dedicated to covering the latest advancements and trends within the metaverse, AI, and Web3 sectors for the Metaverse Post. Her deep-seated passion for storytelling has led her to engage in numerous interviews with specialists in these industries, always on the lookout for compelling narratives. With a Bachelor’s degree in literature, she boasts a rich writing background that extends across various topics, including travel, art, and cultural commentary. Agne has also volunteered as an editor for an animal rights organization, working to raise awareness about issues related to animal welfare. You can reach her at invested $177 million in the industry Cryptocurrencylistings.com Launches WCTC S7, Delivering an Engaging Hub for Trading Excellence and Team Collaboration

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