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South Korea Going Big With Metaverse Plans; Starts Enrolling AI And NFT Experts


coingape.com 28 March 2022 13:21, UTC
Reading time: ~2 m

South Korea’s Ministry of Science and ICT (MSIT) has taken a step ahead in its vision to build a mega metaverse ecosystem. The authority is now enrolling experts from the field of extended reality, artificial intelligence, and non-fungible token (NFT). According to a report, this is a part of the plan for the country’s upcoming boot camp where future metaverse professionals will be trained.

MSIT confirms metaverse giants on-board

The MSIT has already pledged 223.7 billion Korean won (approx $187 million) to set up a metaverse ecosystem. According to Yahoo Finance, the ministry has confirmed that 27 international firms including Microsoft, Adobe, and The Sandbox have agreed to support the country’s vision.

South Korea’s so-called ‘metaverse academy’ will be launched in May where 180 trainees will be trained by professionals. However, the nation aims to produce around 40,000 metaverse experts by 2026. South Korea also plans to establish its position among the top 5 global metaverse leaders by the time.

Earlier, MSIT said that metaverse single-handedly can produce 1.5 million jobs. According to reports, MSIT data depicts that South Korea’s VR market is expected to be worth more than $2.5 billion by 2024.

Korea’s crypto-friendly approach

The country’s President-elect Yoon Seok-youl, known for his pro-crypto approach, said that government will play a leading role in creating infrastructure for the world’s AI industry. He also assured to promote the newly highlighted ‘metaverse’.

Korean tech giants are exploring new business opportunities in the evolving virtual digital asset and blockchain market. Ryu Young-sang, CEO of SK Telecom has said that the company is planning to develop an economic system in its own metaverse platform called ifland.

On the other hand, LG Electronics added blockchain and virtual asset business to the company’s objective. However, LG is yet to announce its future prospects related to it. Although the company has joined hands with Korean internet giant Kakao’s blockchain arm Ground X in a bid to offer an NFT storage wallet.

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