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Seoul to invest over 300 billion won on metaverse and other digitization projects By BTC Peers

by Mike Robinson

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Seoul will invest more than 300 billion won in metaverse and other digitization initiatives

The government of South Korea’s capital city, Seoul, announced on Thursday that it had earmarked a total of 345.9 billion (equivalent to $291.4 million) towards the development of digital technologies such as big data, artificial intelligence, and the metaverse.

According to a local news outlet The Korea Herald, up to 1,067 projects will benefit from the city’s plan to invest in these fast-rising technologies. One-third of all investment will go to smart city projects, which explore big data and AI in order to improve civic services.

That being said, nearly 250 projects involved in the city’s plan for a “paradigm shift to digitization” will be funded this year.

Seoul has also been looking for funding to support other important projects such as AI-powered CCTV in Seoul to improve safety as well as education and training digitally disadvantaged people.

According to the city’s latest digitalization push, it would generate approximately 3500 additional jobs.

The metaverse boom is not just for Big Tech. As reported by BTC PEERS, China’s largest city and financial hub Shanghai recently said it was exploring the possible “application of the metaverse in areas such as public services, business offices, social entertainment, industrial manufacturing, production safety, and electronic games.”

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