South Korea’s Ministry of Science and ICT (MSIT) has invested in the funding round of the Metaverse, a blockchain-based virtual reality marketplace that allows users to create, buy and sell content. Metaverse is a decentralized platform allowing users to create their virtual worlds and digital assets. These assets are stored on the blockchain and can be traded as a cryptocurrency. The move comes as South Korea looks to boost its status as a global leader in technology — something it hopes to achieve through adopting new technologies such as VR.
South Korea as a Global Leader in Technology
The South Korean government believes it can benefit from this investment as it aims to develop a thriving blockchain technology ecosystem by helping early-stage projects reach critical mass. The money will go towards developing Metaverse’s platform and network security technologies and establishing centers of excellence in South Korea to foster talent in the field of blockchain technology. The investment fund will also allow the South Korean government to participate directly in some of these projects by providing funding early when it is needed most and stand as a global leader in technology.
The South Korean government is just one more step closer to the mass adoption of the virtual reality Metaverse and the economic growth that comes with it. The future sounds exciting! But what is even more exciting is to imagine how the Metaverse will develop once it inevitably leaves the hands of corporate giants like Facebook, Microsoft, and Google. Once it is in the hands of its users, there is no telling which innovations will surface.
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