S Korea aims to be world's 5th biggest metaverse market by 2026

The South Korean government defines the metaverse as a platform that provides a virtual reality world where people and objects can interact with one another to create economic, social and cultural values.

The country’s ministry of science and information and communication technology (ICT) announced its pan-governmental strategic blueprint to lead the new industry to respond to economic and social changes that will be brought by the metaverse and prepare for the future.

The authorities laid out four major goals—activating the ecosystem for metaverse platforms, nurturing professionals, fostering companies and setting up a safe environment for all metaverse users.

The private sector will lead the development of various types of the metaverse, while the government will focus on backing up individual developers and companies through a wide range of support measures, the announcement said.

Under the roadmap, the country plans to apply metaverse technology in the areas of arts, culture, education, K-pop and tourism while building an online Korean language institute on metaverse platforms for foreigners, South Korean media reported.

The government will also establish a metaverse academy in efforts to nurture young talent and help set up two convergence graduate schools this year by providing financial support up to 5.5 billion won ($4.6 million) for each school over the next five years.

For companies and students, the country will organise metaverse development competitions that require using domesic software programmes and hold hackathons for metaverse creators.

To expand the metaverse infrastructure across the country, the government will set up a new metaverse hub this year to provide space and facilities to support startups. The country plans to create a metaverse fund to provide financial aid for small and medium firms so they can expand through merger and acquisitions.

Through the support measures, the government aims to see an annual sales of over 5 billion won from each of the 220 companies specialised in the metaverse in 2026.

As the metaverse is different from the web, the government said it will create a pan-governmental body to review related laws and revise regulations if necessary.

Fibre2Fashion News Desk (DS)