The Ministry of Science and Information Technology (MSIT) of South Korea has taken a step forward in its aim to create a giant metaverse ecosystem. Experts in the fields of extended reality, artificial intelligence, and non-fungible tokens are presently being recruited by the authority (NFT). This is part of the idea for the country’s impending boot camp, where future metaverse workers will be trained, according to a report.
MSIT confirms the presence of metaverse behemoths.
The MSIT has already committed 223.7 billion Korean won ($187 million) to the development of a metaverse ecosystem. The ministry has announced that 27 foreign corporations, including Microsoft, Adobe, and The Sandbox, have pledged to assist the country’s agenda, according to Yahoo Finance.
In May, the so-called’metaverse academy’ in South Korea will open, with 180 trainees receiving professional training. However, by 2026, the country hopes to have produced roughly 40,000 metaverse professionals. By that time, South Korea hopes to have established itself as one of the top five global metaverse leaders.
MSIT previously stated that the metaverse can generate 1.5 million jobs on its own. According to projections, the VR market in South Korea is predicted to be worth more than $2.5 billion by 2024, according to MSIT data.
Korea’s cryptocurrency-friendly policy
President-elect Yoon Seok-youl, who is known for his pro-crypto stance, stated that the government will play a key role in establishing infrastructure for the global AI business. He also stated that he would promote the recently highlighted’metaverse.’
Korean tech behemoths are looking for new business ventures in the rapidly developing virtual digital asset and blockchain markets. SK Telecom’s CEO, Ryu Young-sang, has stated that the business plans to establish an economic system in its own metaverse platform, ifland.
LG Electronics, on the other hand, has added blockchain and virtual asset business to its goals. LG, on the other hand, has yet to reveal its plans for the future. Although, in order to offer an NFT storage wallet, the company has partnered with Korean internet behemoth Kakao’s blockchain affiliate Ground X.