As a result, content creators will be supported in many ways to attract talent, potentially helping to build a strong metaverse foundation.
The Korean Ministry of Science, Information Technology and Future Planning (Ministry of Science, Information Technology and Planning) said it will organize creative activities towards the community, including a contest for metaverse developers and a hackathon.
The CEO of Hashed, a group of blockchain experts and builders based in Seoul (Korea) and Silicon Valley (USA), Simon Kim pointed out that the new metaverse platform is specifically focused on promote commercial expansion by providing financial support to participants.
Talking to Cointelegraph on February 28, Kim said that there is no problem in the funding process for the government because “the private sector is also actively investing in the metaverse market.” However, there are still regulatory and legal barriers that the Korean government needs to consider further.
“Regulation is an issue that the government should be more concerned about. In South Korea, publishing NFT games is prohibited and the issuance of tokens is also prohibited," said Mr. Simon Kim about the restrictions in Korean regulation.
Park Yungyu, head of the communications and policy department at the Korean Ministry of Science, Technology and Information Technology, said the initiative to build the metaverse platform is part of the "Digital New Deal" in Korea. .
According to Mr. Park, the Digital New Deal is a set of policies designed to promote the development of digital technology. “It is important to create a world-class metaverse ecosystem as the starting point to vigorously promote a new hyper-connected industry,” stressed Mr. Park.
In addition, the Korean Ministry of Science, Technology and Information Technology also expects their metaverse to have a global reach with seamless accessibility to Korean companies over time. In addition, the Korean government plans to provide support for business growth in the form of financial assistance and technology development.
In the context of the explosive digital universe, Korea boldly pioneered with the smart urban plan Metaverse Seoul - the metaverse version of the capital Seoul.
