South Korea doubles down on metaverse with the launch of a new fund. Bullish?
South Korea’s Ministry of Science and ICT announced investments into a fund dedicated to driving metaverse initiatives in the country. According to the official, the South Korean government invested roughly $18.1 million with the goal of creating a fund of more than 40 billion Korean won toward metaverse development.
With the help of the Metaverse Fund, South Korea will support the mergers and acquisitions of various firms from the metaverse ecosystem. The government sufficed this move by highlighting the rising interest of major tech companies in Metaverse.The government agrees that considering the underlying investment risks, it is difficult for local players to raise capital through private investments.
in the metaverse. As Cointelegraph reported, the South Korean government spent roughly 2 billion won — $1.6 million — for the first phase of the metaverse project. However, in the physical world, South Korea continues to keep checks and balances on cross-border threats. In February, the country announced its first independent sanctions related to
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