The South Korean government has shared its blueprint for strengthening its economy’s metaverse ecosystem as it aims to make it the fifth-largest market by 2026. This blueprint will set up 220 metaverse companies with a sales volume of over $4.2 million.
South Korea’s leadership also laid down a classification for the foundation of the metaverse industry, dividing it into a four-way subject plan. This includes helping companies build and set up metaverse platforms, aiding tech companies to grow in the market, training metaverse experts and ensuring a safe environment for every user.
Not only has the government catapulted its metaverse business, but it has also revealed plans of creating a ‘metaverse academy’ a program that will train as many as 4,000 metaverse experts by 2026, explained The Information and Communications Technology ministry in the announcement.
Lim Hye-sook, the Science and ICT Minister said, “Through this strategy, we will work closely with related ministries to steadily implement various support measures such as revitalising the industrial ecosystem, fostering talent, nurturing companies, and innovating regulations so that Korea can become a leading global metaverse country.”
Currently, the majority of metaverse platforms are available in English. However, the Korean government has made known its interest to build an online Korean language institute, for foreigners, across metaverse platforms. Additionally, the virtual space will be used to promote many other Korean industries like medicine, arts, K-pop and tourism.
The ‘Korean metaverse Academy’ is also expected to help metaverse start-ups worldwide to gain entry into the Korean market and become a medium for local content firms. The ministry will also be organizing competitions on metaverse development and conducting hackathons for its students and start-ups.
According to reports, the South Korean market ranks 12th worldwide in terms of market share in the metaverse industry. But with the country’s plans of boosting the metaverse industry, Korea plans to respond to economic and social changes shaped by the market’s new culture. We recently ran a two-part report on South Korea’s future role in the metaverse, and how it has positioned itself at the heart of the technology.
Featured Image: Sava Bobov