South Korea announces investment fund for the metaverse

With the aim of strengthening the national industry and encouraging small local companies to compete with large corporations, the investment comes as a relief to technology producers. O Korean government thought of the contribution as a way to gain prominence among countries in the metaverse bet.

The support from the Metaverse Fund comes at a crucial time. This is because the private sector is fearing the recession of the metaverse and has reduced its investments in technology. Without the hand of public authorities, many small tech companies and researchers could go bankrupt. 

Of the 160 million reais promeheld by the Korean government fund, around 94 million have already been contributed. This is not South Korea's first investment in the metaverse. Every now and then the country becomes a topic of conversation when it launches an initiative related to the new era of the internet, check it out:

South Korean city launches its own metaverse to assist with public services and tourism

The Government of Seoul, South Korea, has officially launched a virtual world that allows people to play, socialize and access the city's public services through the metaverse. Announced on the 16th, “Metaverse Seoul” is the first major city in the world to offer a public metaverse platform for its population.