South Korea To Pour $187M Into ‘World-class Metaverse Ecosystem’

South Korea’s Ministry of Science and ICT announced that the country would invest approximately $186.7 million, or 223.7 billion Korean won, to develop its metaverse ecosystem.

This program falls under South Korea’s “Digital New Deal” project, a series of initiatives that support the development of a range of virtual technologies, including metaverses and AI platforms.

The ministry explained that the funds would be directed particularly at the metaverse, which it believes will be a foundation for developing firms and enterprises.

According to the ministry’s statement, the metaverse promises to establish 1.5 million jobs, and the government expects to train over 40,000 specialists for the growing industry.

The government of South Korea aimed to make the nation the fifth-biggest metaverse market by 2026.