South Korea Going Big With Metaverse Plans; Starts Enrolling AI And NFT Experts
South Korea’s Ministry of Science and ICT (MSIT) has taken a step ahead in its vision to build a mega metaverse ecosystem. The authority is now enrolling experts from the field of extended reality, artificial intelligence, and non-fungible token (NFT). According to a report, this is a part of the plan for the country’s upcoming boot camp where future metaverse professionals will be trained.
MSIT confirms metaverse giants on-board
The MSIT has already pledged 223.7 billion Korean won (approx $187 million) to set up a metaverse ecosystem. According to Yahoo Finance, the ministry has confirmed that 27 international firms including Microsoft, Adobe, and The Sandbox have agreed to support the country’s vision.
South Korea’s so-called ‘metaverse academy’ will be launched in May where 180 trainees will be trained by professionals. However, the nation aims to produce around 40,000 metaverse experts by 2026. South Korea also plans to establish its position among the top 5 global metaverse leaders by the time.
Earlier, MSIT said that metaverse single-handedly can produce 1.5 million jobs. According to reports, MSIT data depicts that South Korea’s VR market is expected to be worth more than $2.5 billion by 2024.
Korea’s crypto-friendly approach
The country’s President-elect Yoon Seok-youl, known for his pro-crypto approach, said that government will play a leading role in creating infrastructure for the world’s AI industry. He also assured to promote the newly highlighted ‘metaverse’.
Korean tech giants are exploring new business opportunities in the evolving virtual digital asset and blockchain market. Ryu Young-sang, CEO of SK Telecom has said that the company is planning to develop an economic system in its own metaverse platform called ifland.
On the other hand, LG Electronics added blockchain and virtual asset business to the company’s objective. However, LG is yet to announce its future prospects related to it. Although the company has joined hands with Korean internet giant Kakao’s blockchain arm Ground X in a bid to offer an NFT storage wallet.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
