Skip to main content

South Korea to invest $187M in national Metaverse

The government will provide $186.7 million to stimulate the growth of a Metaverse platform that it hopes businesses and industry will thrive in.

South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country.

The Ministry wrote in an official statement on Feb. 27 that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing Metaverse ecosystem titled the Expanded Virtual World.

The government agency intends on using its Metaverse as a platform for expanding the virtual industrial growth of cities, education, and media.

Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform. The Ministry said that it will host community-oriented creative activities, a Metaverse developer contest, and a hackathon.

CEO of Hashed Simon Kim pointed out that the new Metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He told Cointelegraph today that he doesn’t think there is a problem with the government providing funding because “the private sector is actively investing in the metaverse market.” He continued:

“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”

Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in Metaverse projects such as Decentraland and The Sandbox.

Head of Communication and Policy Department at the Ministry Park Yungyu stated in the announcement that this initiative to build a Metaverse platform is part of the broader ‘Digital New Deal’ in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park who added:

“It is important to create a world-class Metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”

The Ministry also expects its Metaverse to have a global reach since there will be seamless access to South Korean companies over time. It plans on providing support for corporate growth by offering financial support and technological development.

Related: Monster Energy files NFT and metaverse trademark applications

Seoul’s municipal government has also been exploring its options regarding a public Metaverse space since last year. Last November, tentative plans for a “Metaverse 120 Center” were announced.



from https://ift.tt/YlWpNut
https://ift.tt/g3xqh4Z
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

Lightning Network Exploits Continue to Hinder the Bitcoin Scaling Solution

via Bitcoin News https://ift.tt/3mGmODQ While bitcoin has run-up to all new price highs in 2020, a great number of crypto supporters have been complaining about the mempool backlog and the high fees needed to send a transaction. Meanwhile, the Lightning Network is far from seeing widespread adoption, and a number of attack vectors have been revealed this year. At the time of publication, the Bitcoin ( BTC ) mempool (backlog of transactions) shows 113,000+ unconfirmed transactions and the backlog hasn’t been this high since 2017. When the bull run took place three years ago, transaction fees and unconfirmed transactions shot through the roof. Currently, according to bitcoinfees.cash data on October 31, the next BTC block fee is $10.77 and the current median fee is $6.43. Even with the high fees and the mempool clog , the greater bitcoin community is still transacting mostly onchain. The Layer 2 protocol built on top of Bitcoin called the Lightning Network (LN) was supposed to eas...
Post a Comment
Read more