The metaverse is expected to grow to an 800 billion dollar industry by 2024, providing new revenue streams for gaming, social media, entertainment, and the tech industry as a whole. Limitless potential is what the metaverse offers, and South Korea sees this as a chance to better prepare for the future of their economy.
South Korea’s Ministry of Science and ICT (MSIT) revealed to the public its metaverse strategy built on four major areas that will serve as the national roadmap into the development and adoption of the metaverse.
The first major area of South Korea’s metaverse plan will be building a strong metaverse platform ecosystem that fosters the growth of future platforms. The national government’s all-out support will arouse the interest of the general population in what the metaverse really is, which will then lead to engagement.
Secondly, South Korea will then nurture metaverse experts and talents by providing an avenue for people to access the metaverse without regional restrictions. This will allow South Koreans to participate in a variety of metaverse events no matter where they are in the country.
Third, the ministry will give its full support to leading companies and industry experts that specialize in the metaverse. These professionals will be trained to lead the operations of demonstration facilities, where metaverse research and development (R&D) takes place. Last June 2022, South Korea invested $117M for the third side of their metaverse plan. These funds would be also used to upskill the metaverse experts and build the necessary facilities and tools.
MSIT’s last part of their metaverse strategy is to create a lawful digital space. This will entail ethical principles for metaverse to address and prevent unethical and illegal conducts that may happen in the digital space.
South Korea will do this by enforcing laws and ethical principles tailored for the digital space, since digital crimes and regulations work differently from the real world. Furthermore, they aim to protect copyrights and digital assets with another set of specialized laws.
To reduce the impact of digital divide among South Koreans, MSIT will also provide metaverse courses in the country’s higher education system. This will address the huge leap of technological advancement in the country, for both the younger and older citizens.
According to the MSIT’s press statement, the unveiled strategy will assist South Korea to “better respond to disruptive innovation and emerging new technologies, and be prepared for the future.”
Why does South Korea have great enthusiasm for the metaverse?
MSIT Minister Hyesook Lim states that the “metaverse is an uncharted digital continent with indefinite potential where anyone can realize their dreams.” Lim also believes that the metaverse will “become a place where the youth can take up more challenges, grow and leap forward to a greater world.”
It is a fact that the youth are huge technology enthusiasts, especially for such an advanced country like South Korea. The idea of an immersive, unique technological experience is something many youngsters will, most likely, find exciting. Futuristic sci-fi movies like “Ready Player One” and “The Matrix” depicts the virtual world in full-color, introducing to the youth the possibilities the metaverse can offer to them.
These young trendsetters will immerse themselves in the metaverse, solve the challenges and hurdles of the unfamiliar space, and build their own legacy in the metaverse.
Undoubtedly, the metaverse’s immense potential opens up incredible economic opportunities for the world, so much that its global attention has forced different nations to take an interest and invest in the development of the metaverse.
“The Ministry will ensure to implement the diverse support strategies faithfully so that South Korea can become a leading global metaverse country,” said Hyesook.
