South Korea – a country with a reputation of having a tight grip on crypto regulations – is reportedly having high expectations for one of the hottest areas of the industry – the metaverse. 

Specifically, the local authority is reportedly looking to make a total investment of more than 223.7 billion won ($177.1 million) directly in a variety of Metaverse initiatives.

Its plan to make investments in nascent Metaverse tech has reportedly helped South Korea secure a spot in the list of the pioneering national governments to do such thing. The investment was inculded within the scope of the “Digital New Deal” program, established to make investments in emerging technologies.

The South Korea’s Ministry of Science and Information and Communication Technology led by Lim Hyesook will be the entity in charge of spearheading the program. Hyesook referred to the metaverse as “an uncharted digital continent with indefinite potential,” displaying the government’s keen attitude towards being the leading spot for the Metaverse tech.

Initially, the national fund would financially support the creation of a metropolitan level metaverse platform, which would make it possible for citizens to tap into a wide range of government schemes and services, in a virtual manner.

The South Korean government’s investment in Metaverse initiatives could be the necessary motivation for other countries to act the same.

The reports regarding the South Korean authority’s increasing interest for the Metaverse first surfaced in February, when two high-profile retailers introduced metaverse and artificial intelligence integration for their platforms, in a bid to streamline customer experience.

having gathered the reputation of a technologically progressive country, South Korea has reportedly been adopting a proactive stance towards promote blockchain. It was among the first governments to release blockchain use cases for government offices, which set the precedent for other countries to follow.