On Monday, South Korea announced the opening of the first section of what is aptly named ‘metaverse Seol’ according to forkast. The metaverse platform is publicly backed by the city government and looks to improve public services.
Metaverse Seol will be split into three initiatives, with expected completion in 2026. The South Korean government has planned to invest $180 million USD in the metaverse, with metaverse Seol being just one piece of the puzzle. Upon completion, metaverse Seol will boast XR integration, public service improvement, and real estate optimization.
Why Is South Korea Investing In the Metaverse?
South Korea is adopting metaverse technologies for several reasons. One of the main reasons is that the country has a strong tradition of technology adoption and a large population of young, tech-savvy citizens who are open to new and emerging technologies. Additionally, the South Korean government has been actively promoting the development and adoption of metaverse technologies through policies and initiatives to foster innovation and entrepreneurship.
Furthermore, South Korea has a large number of companies and startups that are already working in the virtual reality, augmented reality, and gaming spaces, which has led to the development of a strong ecosystem of related businesses, talent, and investors in the country.
Another reason is that the country has a vision of creating a new digital economy, and the metaverse could be a key component of this vision. The metaverse is seen as a potential new platform for various industries such as gaming, entertainment, social media, e-commerce, and education.
Likewise, the Metaverse technologies can also benefit South Korea’s goal of creating a new global cultural hub by promoting and enabling the export of South Korean cultural content, such as games, music, and entertainment, to the global audience.
Additionally, the South Korean government has been actively promoting the development and adoption of web3 technologies, such as blockchain; South Korea has a large number of companies and startups that are already working in the blockchain and cryptocurrency space, which has led to the development of a strong ecosystem of related businesses, talent, and investors in the country.