South Korea launched the 24 billion Korean won "Metaverse Fund" to aid local projects
A fund dedicated to driving metaverse initiatives in South Korea has been recently established by the Ministry of Science and ICT.
An official release states that 24 billion Korean won ($18.1 million) was spent by the South Korean government to establish a fund of over 40 billion Korean won ($30.2 million) for metaverse development.
The Metaverse Fund will assist South Korea in supporting mergers and acquisitions within the metaverse ecosystem. To justify its participation in the fund, the government emphasized the growing enthusiasm of major technology firms for the metaverse.
Given the underlying investment risks, local players find it difficult to raise capital through private investments.
Hence, South Korea plans to actively assist local metaverse-related enterprises to compete with global players through mergers and acquisitions and is planning to activate it. The virtual version of Seoul was unveiled in January.
The South Korean government spent about 2 billion won ($1.6 million) on the metaverse's initial phase. There are still checks and balances in place in South Korea to prevent physical cross-border threats. For the first time ever, the United States sanctioned individuals and organizations in North Korea in February for their roles in the theft and hacking of cryptocurrencies.
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