certify
Home arrow Article arrow Article Detail

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

Profile Image

Pavan A Follow

INDIA

Jan, 24 2022

Jan, 24 2022

likes | comments 0

Article Image

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. 


likes | comments 0

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
WMG team up with OpenSea to expand Web3 opportunities 

WMG?team up?with OpenSea?to expand?Web3 opportunities for artists. This platform will enable artists to?build and extend their fanbase in the Web3 community. The nonfungible token (NFT) marketplace..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.