South Korea Metaverse Strategy [just rough preview!]

Contents

1 The 4 main topics
    1.1 Metaverse ecosystem
    1.2 Experts and talents
    1.3 Promotion of specialised companies
    1.4 Exemplary metaverse worlds: ethical, legal, social aspects
 
2 Operationalisation: Investments
    2.1 Promoting specialists and companies
    2.2 Metaverse platform of the city of Seoul   
    2.3 "Expanded Virtual World" campaign
    2.4 K-Metaverse Pavilion

The Ministry of Science and ICT (MSIT, Minister: Lim Hyesook) announced a pan-government strategy on metaverse as part of Digital New Deal 2.0 initiative. This strategy will help South Korea to better respond to disruptive innovation and emerging new technologies, and be prepared for the future.

This metaverse strategy focuses on four main subjects.

1. First is to reinvigorate the metaverse platform ecosystem, and foster an environment for the metaverse platforms to grow.
2. Second is to nurture experts and talent in the metaverse field, and providing people with opportunities to access metaverse without regional restrictions, and to participate in a variety of metaverse events.
3. Third is to nurture leading companies specialized on metaverse. To this end, metaverse infrastructure like metaverse demonstration facilities, and diverse types of funds will be provided.
4. Last is to create an exemplery metaverse world. This includes setting ethical principles for metaverse so as to prevent unethical and illegal conducts while protecting digital assets and copy rights. The government will also strive to address digital divide among people by providing metaverse education to the digitally marginalized people.

​Minister Lim Hyesook said that “metaverse is an uncharted digital continent with indefinite potential. Anyone can realize their dreams. In particular, metaverse will become a place where the youth can take up more challenges, grow and leap forward a greater world. The Ministry will ensure to implement the diverse support strategies faithfully, so that South Korean can become a leading global metaverse country.”

Operationalizing: investments

Promoting specialists and companies

South Korea has big plans for the metaverse, with the goal of becoming the fifth largest country in the global metaverse market by 2026. To make this a reality, the government is investing in nurturing 40,000 professionals and 220 companies specializing in metaverse technology. And they're already off to a great start with the launch of Metaverse Seoul, the first virtual public administration platform in the world.

Metaverse platform of the city of Seoul   

​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.

"Expanded Virtual World" campaign

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).

K-Metaverse Pavilion

The National IT Promotion Agency of South Korea (NIPA) has been leading the charge to facilitate metaverse exports and global partnerships. One such endeavor is its work in organizing the “K-Metaverse Pavilion” at global technology conferences and exhibitions, which showcases the range of metaverse innovations that are happening throughout South Korea.