South Korea is known for its outsized technology and cultural exports, from smartphones and other consumer electronics, to the global phenomenon of K-Pop. Now, the country is working to add metaverse technologies and products to its list of leading exports. The nation has become a thriving hub for metaverse startups, benefiting from a culture steeped in innovation and bolstered by its robust gaming and entertainment industries.
Adding to this dynamic environment is substantial governmental support. South Korea’s Ministry of Science and ICT (MSICT) has allocated a significant sum of 227 billion won (equivalent to $177 billion) for the advancement of the metaverse. The city of Seoul is constructing a 3.9-billion won metaverse platform, enabling citizens to access public services virtually.
Furthermore, MSICT has initiated an ambitious “Expanded Virtual World” campaign with the aim of propelling Korea to become the world’s fifth-largest metaverse market by 2026. This initiative sets lofty goals, including the attraction of at least 220 metaverse companies, the generation of 1.5 million job opportunities, and achieving aggregate sales exceeding 5 billion won (US $4.2 million).