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South Korean authorities want to launch a meta-universe

South Korea’s Ministry of Science and NIPA have offered financial support for companies that create content for meta-universes, amid government subsidies for the industry.

South Korea’s Ministry of Science and ICT and the National Information and Communication Industry Promotion Agency (NIPA) announced that they will be hiring companies to be involved in the meta-universe content creation project. As part of this initiative, South Korea intends to support local content producers as well as the production of non-interchangeable tokens (NFT). Four companies will be selected to participate, each receiving 200 million won (about $160,000).

Heo Won-Seok, director of software policy at the Ministry of Science and ICT, said the project is being promoted as part of the country’s new flagship strategy to develop the meta-universe industry. The press release said companies wishing to participate in the project should apply by July 8. In doing so, developers can form consortiums with token companies.

South Korea has shown a strong desire to be a leader in the meta-universe with its policies. Earlier this month, South Korea said it would spend $117.1 million to invest in the meta universe. This is the first time the government has officially allocated money for the development of virtual reality.

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