Announcing the new metaverse fund, South Korea will support mergers and acquisitions of various companies from the metaverse ecosystem.
South Korea is one of the most active countries in areas such as the metaverse and NFT. The country has doubled its metaverse potential as a new site of economic growth. South Korea’s Ministry of Science and ICT announced that it will invest in a fund that aims to support metaverse initiatives in the country. According to the official announcement, the South Korean government has invested approximately $18.1 million to create a fund of more than 40 billion Korean won for metaverse development.
With the help of the Metaverse Fund, South Korea will support mergers and acquisitions of various companies from the metaverse ecosystem. The government has taken another important step by emphasizing the growing interest of major tech companies in the Metaverse South Korea aims to help domestic companies related to the metaverse compete with global players.
In January, the city of Seoul launched a digital replica of the city on the metaverse. In this operation, the South Korean government spent about 2 billion won for the first phase of the metaverse project. However, in the physical world, South Korea continues to maintain checks and balances over cross-border threats. In February, the country announced its first independent sanctions on cryptocurrency thefts and cyberattacks against certain North Korean groups and individuals.