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By using Metaverse and Web3, South Korea, with its Metaverse Industry Promoting Law, is investing over $200 million in building the Metaverse ecosystem.
In science fiction and futuristic literature, the metaverse is a fictitious version of the Internet that is a single, all-encompassing virtual environment made possible by the usage of virtual reality (VR) and augmented reality (AR) headsets. A metaverse is a collection of 3D virtual environments that are mostly utilized for social interaction.
The concepts “meta” and “universe” were combined to create the phrase “metaverse,” which first appeared in the science fiction book Snow Crash in 1992. The growing demand for immersion makes the development of the metaverse frequently associated with improvements in virtual reality technology. Web3, a theory for a decentralized internet, has recently sparked interest in metaverse development. For public relations purposes, the terms “Web 3” and “The Metaverse” have been used to exaggerate the development progress of several related technologies and projects. Information privacy, user addiction, and user safety are issues within the metaverse that have their roots in issues that the social media and video game industries face as a whole. Enhancing work efficiency, creating interactive learning environments, e-commerce, real estate, and fashion are among the suggested uses for metaverse technology.
South Korea gets progressively more and more integrated into Web3 and the Metaverse. The government of the nation is now drafting a “Metaverse Industry Promotion Law” after spending over $200 million to build its metaverse ecosystem and publishing the “Metaverse Ethical Principles.” According to local media on September 1, Heo Eun-ah, a National Assembly member with a history in business, advocated passing the Metaverse Industry Promotion Act to aid the Web3 sector. The Eun-ah proposal received backing from several other National Assembly members.
The bill stipulates that the policies promoting the development of the Metaverse in the nation would be decided upon by the Metaverse Policy Review Committee, which would report directly to the Prime Minister, and that the Minister of Science and Information and Communication Technologies would define a final plan every three years. The bill also mentions incentives for businesses that would move their operations to the Metaverse while meeting the standards of excellence, like safeguarding the data of individual users.
Data from the Ministry of Science and Information and Communication Technologies indicates that in 2023, the government will spend 195.4 billion won (about $140 million) on key Metaverse-related projects. According to a Ministry report from February, the Expanded Virtual World program would get 223.7 billion won ($186.7 million) for its virtual world platform.
Since the start of 2022, when two big retailers launched metaverse and artificial intelligence integration for their platforms to improve customer experience, reports concerning the South Korean government’s growing interest in the Metaverse have begun to surface. A collaborative group of South Korean government and private partners issued the draft of the Expanded Virtual World Ethics Principles on August 26. The document focuses on concerns including copyright protections and personal data privacy.
In the meantime, the Digital Assets Framework Act, which is due to take effect in 2023, calls on the South Korean central bank to eliminate the ban on initial coin offerings (ICOs) that was issued back in 2017.
Why is it that Korea wants to invest in Metaverse?
The financing, according to the Ministry of Science and ICT, will support over 200 metaverse enterprises, educate and train 40,000 metaverse professionals in Korea, and, by 2026, elevate the nation to the fifth-largest metaverse market by user base.
According to a reported statement from the ministry’s head, Park Yun-Gyu, “It is vital to develop a world-class expanded virtual world ecosystem as a beginning point for vigorously fostering the expanded virtual world.” The investment is a crucial component of the ambitious “Digital New Deal” effort, a national program launched under Korea’s former president Moon Jae-In to support the growth of the nation’s tech sector. The nation intends to generate up to 2 million new employment by investing $8.7 billion in a range of ICT projects, from artificial intelligence to 6G to the metaverse.
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