South Korea places $185M bet on the metaverse

South Korea’s Ministry of Science and ICT announced Sunday a KRW 223.7 billion (US$185 million) investment to build the nation’s metaverse ecosystem.

Fast facts

• The ministry will use its war chest to develop the decentralized creator economy, nurture talents, and support firms developing VR/AR devices. 

• A pan-government council is in the works to tackle issues in the virtual space, such as personal information and intellectual property protection, and supervision of illegal acts. 

• South Korea’s metaverse ecosystem is flourishing, while the emerging sector has become a new channel for sexual harassment of women and minors. 

• In January, the science ministry announced a five-year strategy to become a top-five global metaverse leader, as local conglomerates, celebrities and investments continue flooding into the sector.