By George Ward
The government of South Korea announced a $170 million fund in January to invest in the concept of virtual reality and its associated digital technologies. Thus, setting the stage for the nation’s interest in leading in the metaverse world early in 2022.
Yoon Suk-Yeol, the South Korean President, stated that this technology is a national priority. The funding will lay the groundwork for the nation to rank among the top five in metaverse advancements by 2026. At the conference for Global Innovation in Seoul on December 9, Minister of Foreign Affairs Park Jin reiterated the same point by asserting that the nation is poised to become a metaverse powerhouse within the next five years.
Jin’s declarations caused a stir, as some insiders in the business were skeptical of South Korea’s goals and objectives for using the technology.
A 3D Virtual World Or A Poorly Designed Video Game
The term “metaverse” refers to a network of 3D virtual worlds often accessed using virtual reality headsets and avatars. Also, they are part of the decentralized Web3 created around blockchain technology that powers cryptocurrencies.
Nevertheless, Phil Spencer, a top-level executive at Microsoft Gaming and Xbox, recently remarked that the metaverse is a “poorly designed video game.” Similarly, An Dong-Wook, chairman and CEO of Miso Information Technology, a South Korean AI and metaverse business, shared his opinion about the metaverse
In an interview with a popular local media outlet, Dong-Wook remarked, “[the internet] helped humanity overcome time and distance limitations. But it is not helpful in circumstances that demand in-person communication or emotional exchanges. For this reason, the metaverse is working to create a setting that replicates the real world.”
Dong-Wook claimed South Korea could dominate the metaverse era due to the global appeal of the nation’s cultural products, such as K-pop, and the country’s swift technological adaptation.
A Virtual Clone
South Korean businesses and municipal governments have jumped into metaverse projects under the leadership of the national government. As part of an effort to offer citizens digital public services, the capital city of Seoul is creating a virtual clone of itself.
Similar metaverse efforts have been announced by city governments in Busan, Seongnam, and Gumi. The Eastern Gyeongbuk Province of South Korea declared itself to be the “metaverse capital” of the country.
Also, it announced a five-year plan to invest $13.8 million in the “local metaverse economy.” It predicts that this will increase the region’s worth by $780 million.
Similarly, Zepeto, a metaverse platform owned by South Korean internet company Naver, claims to have 20 million monthly active users, making it one of the biggest in Asia.