After declaring on Tuesday that it will establish a $30 million metaverse fund to assist startups in expanding their businesses, South Korea announced on Wednesday that it will invest $27.7 billion Korean won (about $21 million) in regional services utilizing the metaverse. Asian countries such as Japan, China, and South Korea have taken a step in web3, as seen by metaverse news.
The US$21 million investment will fund thirteen new projects in fields including as healthcare, education, and tourism that will leverage the metaverse to enhance services for the general public.
South Korea announced a $40 million fund on Tuesday to encourage smaller enterprises in the metaverse industry to actively pursue mergers and acquisitions in order to diversify their operations into foreign markets.
In February 2022, South Korea pledged over $185 million to the development of the nation’s metaverse ecosystem. Since then, a multitude of governmental and commercial projects utilizing the metaverse have been established, with the capital city of Seoul launching its own duplicate of the metaverse.
Reality Laboratories of Meta Platforms, one of the world’s leading producers of the metaverse, reportedly lost US$13 billion last year due to Horizon Worlds’ inability to attract a significant number of repeat visitors.
Google Trends indicates that over the past year, internet users’ interest in the search term “metaverse” has gradually waned, with its popularity declining by 76% from its annual peak in March 2022.
According to a press statement, the US$21 million investment will fund thirteen new projects in fields such as healthcare, education, and tourism that will employ the metaverse to improve services for the general public.
$40 million fund for metaverse startups
South Korea established a $40 million fund on Tuesday to encourage smaller enterprises in the metaverse industry to actively pursue mergers and acquisitions in order to diversify their operations into foreign markets.
In February 2022, South Korea pledged over $185 million to the development of the nation’s metaverse ecosystem. Since then, a multitude of governmental and commercial projects utilizing the metaverse have been established, with the capital city of Seoul launching its own duplicate of the metaverse.
Reality Laboratories of Meta Platforms, one of the world’s leading producers of the metaverse, reportedly lost US$13 billion last year due to Horizon Worlds’ inability to attract a significant number of repeat visitors.
Google Trends indicates that over the past year, internet users’ interest in the search term “metaverse” has gradually waned, with its popularity declining by 76% from its annual peak in March 2022.
Content Source: forkast.com
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