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South Korea Pours US$51 Million Into Metaverse Projects

South Korea is investing 27.7 billion Korean won (US$21 million) into local services looking to utilize the metaverse, the ministry of science announced Wednesday, following Tuesday’s news that it would establish a US$30 million metaverse fund to help startups expand their businesses.

The US$21 million investment will support 13 new projects in sectors including healthcare, education and tourism that will innovate services using the metaverse to improve services for the public, according to the press release.

South Korea’s 40 billion won (US$30 million) fund announced Tuesday will encourage smaller enterprises in the metaverse sector to actively seek mergers and acquisitions to expand operations to the global market.

(By DANNY PARK)

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