As more media companies prepare to shift to the metaverse, the race for the virtual environment is heating up. According to sources, Munhwa Broadcasting Corporation (MBC), one of South Korea’s largest media channels, has formed a strategic alliance with The Sandbox, a metaverse corporation.
Top South Korean TV Company Signs Metaverse Agreement
MBC has inked a metaverse relationship with the virtual experience services provider, according to a statement made by The Sandbox over the weekend. MBC will use the metaverse to replicate its office buildings and studios.
In addition, the TV giant will generate further metaverse-themed content for The Sandbox platform users.
MBC has a track record of Metaverse-related projects. The company launched its virtual avatars for non-celebrity panels on the popular “Masked Talents” show in 2021. The show is a parody of the “Masked Singer,” which has long been famous among Koreans.
Meanwhile, MBC continues to broadcast Avatar Singer, the first metaverse music program. Furthermore, the metaverse program is available via the augmented reality (AR) avatar, which is utilized to conceal the contestants’ faces.
The Sandbox has multiple agreements with big South Korean companies from various industries.
Korea’s Rapidly Growing Metaverse Investment
South Korea appears to be the only Asian country betting on the metaverse. Since May 2022, the Asian behemoth has committed about $177.1 million in the expanding virtual economy.
Furthermore, as the country aims to expand its digital economy, the government is the first to launch a national metaverse project.
The Digital New Deal is South Korea’s national plan for the metaverse industry, with the goal of assisting businesses and creating more jobs.
Furthermore, the Seoul Metropolitan Government has already funded 3.9 billion Won in order for residents to have access to public services in the metaverse.
Furthermore, the buzz around the metaverse peaked last year and has been viewed as the cornerstone of the virtual world. The metaverse drive has acquired substantial support among corporate entities since Facebook’s rebranding to Meta.
As a result, the move by South Korea’s national government is a good development for the thriving business.
As a technology-driven economy, the country has a model for other governments to follow in terms of investing in the virtual world.
Much has been stated about the private sector’s investment in the new industry in South Korea. Nonetheless, the government has demonstrated a readiness to venture into uncharted territory by pushing public organizations to become involved in the metaverse.
Things may have been happening in bits and pieces, but the government has demonstrated its willingness to invest resources in the virtual ecosystem since any effort that brings people together will pique the government’s attention.
However, like in other areas of the world, metaverse operations in Asia are still in their early stages, as more time and financial resources are required to build crucial applications for the ecosystem.
Meanwhile, no country currently has a competitive advantage in the metaverse.