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South Korea's Metaverse Initiatives Face Challenges Without Blockchain Technology and Public Endorsement

In February 2022, the South Korean government announced a Digital New Deal to invest in a digital-based economy and create 1 million new jobs, with a small portion of the investment earmarked for metaverse development. Despite support from major technology companies and K-pop stars, locally developed metaverse platforms have failed to gain public adoption due to the lack of decentralized blockchain technologies.

The metaverse industry in South Korea is facing ethical issues, particularly in cases of sexual abuse against minors, and progress on proposed bills for regulation has been slow. However, there is optimism that progress could speed up with the attention of regional economic rivals China and Japan on metaverse projects.

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