South Korea Places a Huge Investment to Create a Metaverse Ecosystem

8:36 am, Mon, 28 February 22

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The crypto market is going through quite the ups and downs as the prices of digital assets have plunged once again. This price correction was anticipated to happen, however, it has been accelerated due to the Russia-Ukraine conflict.

Over the last 24 hours:

These are the two most prominent crypto assets. While the price drop for BTC and ETH may not seem monumental it does make quite the difference as both the assets are expected to cross major support and resistance levels.

Amid such a situation seen in the crypto space, South Korea has taken a bold step. As per reports, South Korea has announced that it will be making a huge investment to build a metaverse ecosystem.

People who want to know how can Metaverse benefit the cryptocurrency industry should know that it is anticipated to boost crypto adoption on a global scale and take the digital world to the next level. Let’s find out more details about South Korea’s initiative.

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Details About South Korea’s Metaverse Investment

The Ministry of Science and ICT in South Korea announced on Sunday, that $185 million (KRW 223.7 billion) will be invested to build the country’s metaverse ecosystem.

South Korea’s metaverse ecosystem is improving and growing, despite a few setbacks. However, such a big investment can significantly boost progress.

According to reports, the Ministry of Science and ICT will be using its war chest to:

  • Develop the decentralized creator economy
  • Nurture talents, which will eventually benefit the country
  • Support firms in the country that develop AR or VR devices

While the Metaverse ecosystem is anticipated to bring a lot of new opportunities for the people, there needs to be a check and balance of security and other aspects too.

To make sure everything runs smoothly and with minimum issues and inconveniences, a pan-government council will be formed. This council will handle issues in the virtual space such as:

  • Protection of intellectual property
  • Protection of personal information
  • Supervision of illegal acts

At the beginning of 2022, the ministry also announced a strategy to become one of the top five global Metaverse leaders in the next five years.

What Should you Know as a Crypto Investor?

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There are numerous crypto exchanges in the market and there is no shortage of digital assets either. Therefore, make sure you take your time and carefully opt for a platform that ticks all the right boxes for you, and before buying a cryptocurrency, make sure you take a look at its price movement in the market.

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