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The Ministry of Science and ICT announced on the 18th that it will offer an investment management company to create and manage a metaverse fund worth 50 billion won through the Korea Venture Investment's "announcement of an occasional investment project plan in March 2024."
The fund aims to support small and medium-sized venture companies in the metaverse sector. It has expanded its previously operated digital content fund and has also been investing in M&A in the metaverse sector since 2022. The Ministry of Science and ICT said, "Private investment in the information and communication technology (ICT) sector is decreasing due to the need for active investment in the metaverse sector, a representative future new industry in the digital deepening era, but due to the recent tightening of global currencies." This year, the metaverse fund will be managed at 50 billion won, adding about 20 billion won in private investment to 30 billion won in government investment. The government's investment will be reinvested as a collection of digital content funds without a new budget. Source: MK
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