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S.Korea aims to conquer the metaverse in its five-year strategy

South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race. Fast facts South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market. South Korea’s Ministry of Science and ICT (MSIT) said […]

By Danny Park

From the Forkast crypto archive

South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race.

Fast facts

  • South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market.
  • South Korea’s Ministry of Science and ICT (MSIT) said that a single metaverse has the potential to create 1.5 million jobs that aren’t related to the physical world. 
  • The country’s VR market showed over 36% average annual growth rate in 2018, and is expected to be worth more than US$2.5 billion by 2024, MSIT data shows.
  • The government will also focus on protecting users from possible perils on the metaverse such as sexual harassment and exploitation by setting a guideline for all projects to follow.
  • Meta, formerly Facebook, recently said that South Korea is best suited for the metaverse, due to society’s receptivity, hardware manufacturing capabilities, and content creation.