The Web3 field appears to be doing well despite a global bear market in cryptocurrencies that has reduced investors' faith in this sector. The decision by South Korea to invest heavily in Metaverse in 2023 serves as proof.

The South Korean Ministry of Science and Information and Communication Technology (ICT) said earlier today that it will be investing more than 223 billion won to grow its metaverse business, according to a recent report by local media in the nation. The roughly $173 million investment will be utilized to set up metaverse research centers, academies, graduate programs, etc.

The Ministry of Science and ICT intends to advance initiatives that cater to customers in order to grow the metaverse business. Support for platform development, talent development, corporate assistance, and technological development are all included in this. The objective is to capitalize on the quickly expanding metaverse market.

68 billion won of the 223 billion won will go into a metaverse platform that will be unique from the others. In the South Korean province of Chungcheong, a catastrophe safety management system based on artificial intelligence and the metaverse will be established. The original announcement of this project was made in 2021.

The Ministry will invest 3.5 billion won to establish Metaverse Convergence Graduate Schools in five sites in an effort to cultivate metaverse developers, creators, and other talents in the metaverse business. Also, 12 metaverse labs for master's and doctorate students will be built with 2.8 billion won's worth of investment. Additionally, 24.7 billion won will be spent to build specialized facilities for the metaverse, including a regional XR production base center, the Korea VR/AR Complex in Sangam, an integrated base facility for business support in the Pangyo Region, a hologram content service center in Iksan, and an XR device development support center, among other initiatives.

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