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Within this metaverse strategy, South Korea aims to activate the ecosystem for metaverse platforms, nurture professionals, foster companies as well as create a safe environment for all metaverse users.
On Thursday, South Korea revealed its plan to become the fifth-largest metaverse market in the world by 2026. It has already started living its goal up by introducing a long-term road map.
Metaverse Market in South Korea
Within this metaverse strategy, South Korea aims to activate the ecosystem for metaverse platforms, nurture professionals, foster companies as well as create a safe environment for all metaverse users. Firstly, it will employ at least 220 metaverse companies whose sales volumes total more than $4.2 million. Besides, according to the ICT and Science ministry, the government will establish a “metaverse academy” that will nurture 40,000 local experts by 2026.
Science and ICT Minister Lim Hye-sook believes that metaverse is a digital ‘New World’ that provides endless opportunities. Therefore, South Korea decided to focus on metaverse development. It will apply the technology in the areas of arts, culture, education, K-pop, and tourism while building an online Korean language institute on metaverse platforms for foreigners.
Lim Hye-sook said:
“Metaverse is a digital new continent with infinite potential and anyone can achieve their dreams by playing as the main character. In particular, it will be a space of opportunity for young people to challenge more and grow bigger to leap into a wider world.”
Speaking of the financial side of the strategy, the country will invest as much as $291.4 million in 2022 in projects related to the metaverse, big data, and artificial intelligence (AI). In addition, South Korea will provide funds for 250 smart city projects as well as support each school collaborating with the metaverse academy with up to $4.6 million over the next five years.
The implementation of the strategy will create over 3,500 new jobs.
Currently, South Korea is ranking as the 12th in the world in terms of market share in the metaverse industry. By 2026, it hopes to jump to the fifth position.
Metaverse is an interconnected 3D virtual reality where users are free to create their own avatars and interact with others from all over the world. The concept of metaverse started rapidly gaining popularity in 2021, with numerous companies turning their activity in a metaverse development direction. For example, recently, we reported about Puma’s intention to include virtual products as part of its catalog. Earlier, its rivals Nike and Adidas embraced similar trademarks.
Luxury brands like Ralph Lauren are also seeking for opportunities in the metaverse space. The company has already started participating in the metaverse platform Zepeto along with gaming site Roblox. There, shoppers can dress in their own avatars in Ralph Lauren apparel.
Recently, a big event that will be a milestone in metaverse adoption has taken place. The world’s first metaverse cryptocurrency exchange 8V.com has officially launched. Dedicated to building efficient, immersive, social, and real-time metaverse ecosystem modules, 8V will lead the way towards a genuine metaverse virtual world ecosystem.