A Virtual Replica of Seoul Is Being Built on the Metaverse
On Monday, Seoul, the capital of South Korea, launched the initial phase of "Metaverse Seoul," a city-backed public metaverse platform that aims to enhance public services through a virtual platform. This is believed to be the first of its kind in the world.
Seoul is embarking on a three-year project that is expected to be completed by 2026 to enhance public services through the use of an immersive online environment. The metaverse, as described by the mayor, will serve as a "communication hub" for citizens, providing access to a variety of attractions and services, as well as information about municipal taxes and complaints.
The virtual world is set to expand in a second phase by 2024, to include real estate and international investment services, utilizing augmented reality to manage municipal infrastructure. Additionally, the virtual world plans to incorporate blockchain technologies, including the use of cryptocurrency. A third stage will involve integrating virtual and augmented reality technology into infrastructure management.
With its "Digital New Deal" political initiative, South Korea is expanding its metaverse initiatives. In February 2022, the nation announced plans to invest $200 million in metaverse projects, giving out grants to universities and companies.
Major South Korean companies, including Samsung Electronics, SK Telecom, and Naver Corp have expanded their businesses into the metaverse, an immersive, interconnected digital environment where individuals can interact with one another, enabling a whole new level of engagement and possibilities. The country's president Yoon suk-yeol has declared the development of this technology as a national priority, with the science ministry defining it as a crucial aspect of the future.
A number of countries have recognized and invested in the metaverse potential. Japan, where Prime Minister Fumio Kishida announced plans to invest in non-fungible tokens (NFT) and metaverse services in October.
CBW - External Analyst