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South Korea expanding rapidly Metaverse aims to become the fifth-largest in the world by 2026

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Pavan A Follow


Jan, 24 2022

Jan, 24 2022

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Metaverse has been expanding rapidly since its launch, and South Korea is preparing to become a major player in the industry. The country's science ministry released plans on Thursday to develop a metaverse market, which plans to make it the fifth-largest in the world by 2026.

South Korea will by 2026 set up a "metaverse academy" with 220 companies to educate 40,000 experts in the domain. According to sources, Korea is also planning to create an online Korean language institute on metaverse. The academy will connect foreigners to various projects on the platform, including tourism, K-pop, and medicine.

The Ministry of Science and ICT has announced the national strategic plan for the new metaverse industry, which will prepare the country for upcoming economic and social changes that will come with the metaverse.

According to the announcement, the private sector will be primarily responsible for developing various types of metaverses and the government will focus its efforts on providing support to individual developers and companies.

The government will establish a metaverse academy and provide financial support to two convergence graduate schools worth up to 5.5 billion won ($4.6 million) over the next five years. There will be a new metaverse hub this year so that startups and small companies can share resources.

The government will create a pan-governmental body to review related laws and regulations to create a safe and trustworthy environment for the metaverse. The country will organize competitions that use software, as well as hackathons for the creation of metaverses.

Lim Hyesook, Minister of Science and ICT, 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.”

Metaverse is an evolving virtual reality concept that has gained significant momentum in 2021. Metaverse, a virtual reality world where users can interact with specialized avatars, is making a strong impact on society. The term was initially coined in 1992. 

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Pavan A

CBW - External Analyst


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