The Korean government has unveiled its plans to strengthen the metaverse ecosystem in the economy. On Thursday, the government shared its blueprint of becoming the fifth-largest market by 2026. The plan encourages setting up 220 metaverse companies with more than $4.2 million in sales volume.
Korea has laid down the foundation of the metaverse industry with goals in four major sectors. It includes helping companies set up metaverse platforms, training metaverse experts, aiding tech companies to grow in this market and ensuring a safe environment for all users.
Not only has the government boosted metaverse business settings, but it has also shared plans to create a ‘metaverse academy’ where the program can train 4000 metaverse experts by 2026. The Information and Communications Technology ministry stated in the announcement.
The “K metaverse Academy” is expected to help global metaverse startups enter the Korean market and become a medium for local content firms. Further, the ministry will be organizing metaverse development competitions and conducting hackathons for students and startups.
In a public statement made by Lim Hye-sook, the Science and ICT Minister revealed that the ministry would be closely working with companies and associated ventures to nurture the industry.
“Through this strategy, we will work closely with related ministries to steadily implement various support measures such as revitalizing the industrial ecosystem, fostering talent, nurturing companies, and innovating regulations so that Korea can become a leading global metaverse country,” Lim added.
The metaverse is an emerging virtual space shared by users where they can create their digital avatars. Most importantly, this growing space allows users to interact while experiencing the virtual reality world. Although pandemic was a key reason that gave a big push to this technology, the metaverse is receiving insane popularity even in the post-pandemic era.
At present, most metaverse platforms are available in English. The Korean government has shown interest in building an online Korean language institute for foreigners across metaverse platforms. Moreover, the virtual space will be used as a medium to promote several other Korean industries including tourism, medicine, arts and K-pop.
Reportedly, today’s Korean market ranks 12th globally in terms of market share in the metaverse industry. With Korea’s plans to boost the metaverse industry, the country aims to respond to economic and social changes shaped by the new market culture.