South Korea wants to be the Metaverse leader

The South Korean government will make a €160 million fund available next month to invest in the concept of Virtual Reality (VR).

The foundation can be laid

The fund that will be made available can lay the foundations for the country to be among the 5 countries in terms of Metaverse developments by the year 2026. The country’s president, Yoon Suk-yeol, has even declared the technology a national priority. In terms of Metaverse, the country wants to become a real superpower.

Several virtual world projects have therefore already been started. For example, a virtual replica is being made of Seoul. This gives citizens an additional option for digital government services. The city governments in Busan, Guymi and Seongnam have also announced similar projects.

Gyonbuk, the eastern province in the country, has already declared itself the “Metaverse Capital” of South Korea. They have also started an initiative to invest almost 13 million euros in the local economy in 5 years, with a particular focus on the Metaverse.

Reportedly, only the United States (US) ranks ahead of South Korea in terms of number of Metaverses. The US and South Korea together represent about 75% of the total.

Not everyone is happy about new technology

Game developers in South Korea, in turn, are not very pleased with the new technology. The existing laws are not made for the Metaverse and will not regulate it. This, in turn, can lead to major scams.

This reaction came as South Korea’s video game industry remains bound by strict regulations. But these are outdated and unfair, according to local experts. This has fueled a discussion about the virtual world and gaming debate in South Korea. Although it is still unknown what exactly will happen, some believe that there should be a separate (new) regulation for the Metaverse, so that it will also fall under strict rules. However, it remains to be seen whether this will actually happen, and if so, how.

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