South Korea establishes a fund to expand its metaverse sector

South Korea’s Ministry of Science and ICT has announced a new fund, the Metaverse Fund, to drive metaverse initiatives in the country. The South Korean government has invested 24 billion Korean won ($18.1 million) to create a fund of more than 40 billion Korean won ($30.2 million) towards metaverse development.

The fund will support mergers and acquisitions of various firms in the metaverse ecosystem and help domestic metaverse-related companies compete with global players. South Korea sees the metaverse as a new economic growth engine and is actively supporting it.