South Korea has been making significant investments in the metaverse, seeing it as a potential new economic growth engine. The country's Ministry of Science and ICT recently announced a major investment in a fund dedicated to driving metaverse initiatives, with the goal of supporting the mergers and acquisitions of various firms in the metaverse ecosystem and helping domestic metaverse-related companies compete with global players.
The South Korean government has invested 24 billion Korean won ($18.1 million) to create a fund of more than 40 billion Korean won ($30.2 million) for metaverse development.
The fund, called the Metaverse Fund, aims to help local players raise capital and compete with major tech companies, which have shown increasing interest in the metaverse.
The government recognizes that it can be difficult for local players to raise capital through private investments due to the underlying investment risks.Read more on blockchain.news