The Ministry of Science, ICT and Future Planning of South Korea earmarked 223.7 billion won (about $186 million) to create a metaverse ecosystem.
According to the the statement, a platform named “Extended Virtual World” is intended to foster corporate growth in the country and support the development of digital content.
The ministry plans to use the metaverse to develop in virtual spaces for business, education and media.
Content creators and developers will receive support in several areas, including creative events, competitions and hackathons.
The head of the ministry’s Communications and Policy Department, Pak Young-gyu, said that the creation of a metaverse platform is part of a broader government initiative the “New Digital Deal.” This programme includes a set of policies aimed at developing digital technologies.
“It is important to create a world-class metaverse ecosystem as a starting point for the rapid development of a hyper-connected industry,” said the official.
The ministry expects the virtual world to give global access to South Korean companies. For the corporate sector, the department will provide financial and technological support to integrate into the metaverse.
The investment arm of SK Telecom has mandated portfolio companies to have a presence in the metaverse.