Giants like China, the United Kingdom, and the United states, including Singapore, are the names that cross our minds upon the mention of the metaverse. Following these adoptions, other nations and companies have dived into digital assets.
Currently, South Korea is drafting a plan to dominate the metaverse. South Korea has the urge to digitize its nation and has since conquered emerging technology, and its position remains concrete. In the previous year, the ministry of science and information technology stated that it would invest 224 Korean billion, equivalent to 190 million dollars, in the metaverse ecosystem.
Furthermore, the ministry promised to participate in the project to attract the best talent. The target is to coach and educate over 40,000 developers on the metaverse. This innovation has ever progressed since its launch.
Presently the country is the hotspot for the gaming market and fourth in the world with more than 33 million users. According to data, since 2016, only the United States has been able to acquire such large numbers on the metaverse ecosystem.
Real Benefits Delivered by the Metaverse
South Korea is heavily investing in the metaverse and amercing cumulating benefits. Seoul, the country’s capital, is universally the first city to launch the initial virtual public administration platform called Metaverse Seoul.
This innovation has attracted thousands of residents to visit virtual city halls and play games. The strategy is set for five years, and its target is to enable residents to express complaints, apply for licenses and attend virtual classes offered by Seoul University.
The country’s largest technology and telecom monsters also launched metaverse projects to lead the innovation. For example, Ifland, a social metaverse platform launched, is ranked with more than 13 million customers and has developed to 49 states.
Kakao, a major internet, and messaging platform, also launched the Klatyn foundation, which aims at blockchain and metaverse projects. The company stated that it granted 500 million dollars to support the blockchain and metaverse developments.
In addition, another internet guru developed Zepeto, a metaverse platform speculated to attract more than 20 million monthly consumers. Banks have also been divided into the industry, with three major banks, namely Kookmin Bank, NongHyup finance group, and Shinhan Finance group, all at the final stages of advancing to the metaverse ecosystem.
However, the Korean government has restricted play to earn gaming, and the prohibition is effective due to korean’s anti-gambling culture. This action is understandable due to the global criticism experienced in the crypto market and regulators’ worry about P2E gaming after the collapse of Axie Infinity.
China and The Blockchain Technology
However, global investors in the crypto market still believe that the metaverse will impact people’s lives soon. On the other hand, China has hit the headlines after the country was reported to be the hotspot of more than 1400 blockchain companies globally.
Furthermore, the 2022 Blockchain whitepaper reported that china is home to developing blockchain solutions, making it the largest blockchain hub. China and the United States comprise 50% of all blockchain companies worldwide. According to reports, China has at least 48 institutions of higher learning offering blockchain-related courses.
The Chinese government has actively supported blockchain development despite the uncertainty and the risks affiliated with the crypto market. Additionally, it is calling upon its citizens to adopt this innovation.
China reports indicate four major blockchain innovations can benefit the country the most. First, Internet and telecom companies can obtain mutual benefits from blockchain transparency that allows consumers and regulators to scan and determine the source of food and cross–border payments and can pinpoint indiscretions within several exchanges.