By
Mayowa Adebajo
April 10th, 2024
Chief Executive Officer of Hashed Simon Kim acknowledged the fact that the novel Metaverse forum has a specific target of steering the commercial development by giving away monetary aid to contestants.
Ministry of Information and Communication Technology, Science, and Future Planning in South Korea vowed 223.7 Billion Korean Won (KRW), approximately USD 186.7 Million, to establish a wide-ranging Metaverse environment that sustains the development of virtual content and economical prowess in the nation.
On the 27th of February, the Ministry announced in a formal notice that the capital will be consumed for four major objectives to design and come up with a well-rounded Metaverse environment called the Expanded Virtual World.
The government branch aims to utilize its Metaverse as a medium for the expansion and virtual industries development of cities, education, and media. Content creators can leverage reinforcements on several fronts to entice the deserving talent to contribute to the creation of the platform. According to the Ministry, the Metaverse will be allowed to host a community-driven environment with various activities like a Metaverse developer competition, and a hackathon.
Chief Executive Officer of Hashed Simon Kim acknowledged the fact that the novel Metaverse forum has a specific target of steering the commercial development by giving away monetary aid to contestants. He also noted that there wasn’t anything wrong with the government openly supporting a metaverse project, since several private sector companies are investing their money in the same marketplace.
Adding to this, he said that what the government should give more time and energy to is the regulatory part. This is because some of the key elements of the digitized space, like the Non-Fungible Tokens (NFTs) games and token issuance, are forbidden.
Hashed, which is a South Korean ecosystem venture capital and incubator, has financed several Metaverse projects like Decentraland and The Sandbox.
The Head of Communication and Policy Department at the Ministry Park Yungyu claimed that this new project is a small fraction of something more illustrious. The ‘Digital New Deal’ assignment, is the more comprehensive idea that includes the Metaverse platform and other similar projects. The Digital New Deal is a bunch of rules and regulations curated to nurture the development of digital technologies. The creation of a top-level elite Metaverse environment as the initial junction is necessary to design a novel hyper-connected infrastructure.
The Ministry also wishes its Metaverse to possess an international influence as South Korean businesses will enjoy absolute access in the upcoming years. The Ministry intends to deliver aid for commercial growth by contributing financially and via technological revelations. Jason Ye, the co-founder of Multichain ecosystem accelerator DeSpread has touted the recent development as a sign of hope since the government is engaging in ideas belonging to Metaverse.