The South Korean government has earmarked US$177.1 million to support the local metaverse industry, CNBC reported.
The investment is part of a state-backed Digital New Deal program, which focuses on investing in emerging technologies. The city government of Seoul is also building a metaverse platform where citizens can get virtual access to public services.
South Korea is not the only place where the government is tapping into the metaverse, which is otherwise being driven by private players such as Meta, which owns social media giants Facebook and WhatsApp.
For instance, the city government of Shanghai is planning to encourage the integration of metaverse into areas such as public services and industrial manufacturing, among others.
Interestingly, both China and South Korea are known for their stricter stance on cryptocurrencies.
See also: Behind the metaverse real estate rush
Editing by Samreen Ahmad and Joy Tirkey
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