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South Korea will select four companies to participate in its 2022 Metaverse Content Creation Project

The four companies that will be selected as project participants will receive 200 million won (around $160,000) each.

Seoul, South Korea / Image by: Wikimedia Commons

Thu, 09 Jun 2022, 08:53 am UTC

South Korea is pushing ahead with its metaverse strategy and has how enlisted the support of the private sector. As part of the government’s strategy, the Ministry of Science and Information and Communication Technologies will be recruiting companies to participate in the 2022 Metaverse Content Creation Project.

The Ministry of Science and ICT is working with the National Information and Communication Industry Promotion Agency (NIPA) to recruit companies as participants in the 2022 Metaverse Content Creation Project, according to Bitcoin.com. Through this endeavor, the government aims to support local metaverse content creators as well as issuers of non-fungible tokens (NFTs).

Four companies will be selected as project participants, which will receive 200 million won (around $160,000) each. The government’s goal is to foster trust in the metaverse content creation ecosystem.

“This project is being promoted as part of the metaverse new industry-leading strategy,” Ministry of Science and ICT director of software policy Heo Won-Seok explained. “We will work hard to lay the groundwork for Korea to leap forward as a leading nation in the metaverse by providing content that can be enjoyed by various age groups and support for creative activities of creators.”

Companies interested in participating the 2022 Metaverse Content Creation Project need to submit the application on or before July 8, 2022. Content developing companies and content creators are allowed to for consortiums with token-issuing firms.

How exactly the development of the metaverse will unfold is still unknown with Minister of Science and ICT’s Lim Hyesook calling the metaverse “an uncharted digital continent with indefinite potential,” according to CNBC. However, the South Korean government is betting that the new industry will become the next big thing,

In fact, the government has already earmarked 223.7 billion won ($177.1 million) to invest in metaverse project as part of a new program called the Digital New Deal. Through the program, the Ministry of Science and ICT hopes to kickstart the country’s metaverse industry by creating jobs and supporting companies.

South Korea’s investment is among the first investments in the metaverse industry made by a national government. “It’s interesting, it’s predominantly a private sector and Big Tech-driven initiative and trend. Governments have not done much beyond South Korea,” said Yugal Joshi, a partner at research firm Everest Group.

Other government bodies in Asia are starting to take notice and have encouraged public services to be built with the metaverse in mind. “Some things are happening in bits and pieces but I believe this does tell you that governments are starting to take this more seriously because it’s a platform where people come together,” he added. “Anything which makes people come together, it makes governments interested.”

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