South Korea to support virtual reality developers

The South Korean government has offered financial support to companies that create content for metaverse. The Ministry of Science will launch a pilot project to select 4 companies producing content for metaverse. Each company will receive 200 million won ($ 160 thousand) for its developments.

South Korean politicians emphasize the desire to take a leading position in the market and plan to spend $ 117 million to support metaverse. This is the first time in the country’s history that the state officially allocates funds for the development of virtual reality.

In May, the President of South Korea announced that the country would integrate cryptocurrencies and NFTs into its financial system by 2024 and change the legislation on digital assets by 2023. The authorities have already stated that the initiative will include investor protection when dealing with cryptocurrencies, NFTs, and meta-universes.