South Korea’s investment in the metaverse could provide a blueprint
[ad_1]
A Meta Oculus Quest 2 headset-wielding attendant on a virtual tour at the Mobile World Congress, Barcelona, March 2022. South Korea believes that the metaverse will be the next great thing. However, there remain questions about the future direction of the industry.
Joan Cros | Nurphoto | Getty Images
It is unknown what the shape of the metaverse will look like, but South Korea has placed bets on this fledgling industry to become the next great thing.
The Ministry of Science and Information and Communication Technologies will support companies and create jobs as part of the Digital New Deal program, which invests in new technology in South Korea’s economy.
Lim Hyesook, Minister of Science and ICT, called the metaverse “an unknown digital continent with infinite potential.” The government has allocated 223.7 billion won ($177.1 Million) to the venture.
Seoul’s metropolitan government has created a platform called Metaverse for citizens that will allow them to virtually access public services. It is worth 3.9 Billion Won.
In the past year, the metaverse has been a hot topic. It refers to technology like virtual reality, and the possibility that humans may live in and play in virtual worlds. The metaverse has been widely viewed as the next frontier of technology services. This is especially true since Facebook, which rebranded as Meta, committed to developing a metaverse-focused futur.
All of this fits within the Web3 concept, which encompasses the metaverse and virtual reality as well as blockchain technology and digital assets such as cryptocurrency and non-fungible tokens (NFTs).
Which one will you be first to do it?
South Korea made an investment in South Korea of approximately $177.1 Million. This is one of the first national investments made into the industry’s nascent sector. It is also a prudent first step to the metaverse.
It signals an interest in a technology that could take center stage in the coming years — and it could provide a blueprint for others to follow.
It’s an interesting trend and initiative driven largely by the private sector. CNBC spoke with Yugal Joshi from Everest Group as a partner. “Governments have not done anything beyond South Korea.”
Asia’s other governments are also taking note. Shanghai’s government has been encouraging the construction of public services with an eye towards the metaverse, just as they did previously. reported by CNBC.
Although some things may be happening intermittently, I think this shows that governments are beginning to consider this more serious because this is a place where people can come together. Anything that encourages people to come together is a sign of government interest.”
Joshi claimed that China’s tech titans are called “tech giants”. like Tencent and AlibabaThey have demonstrated a keen interest in developing metaverse products. recently investingIn an AR glasses startup.
He also said that metaverse activity in Asia is much the same as elsewhere in the world. Companies invest their time and money trying to discover the winning application.
He stated that, in spite of the South Korean plans and growing interest, no country is able to claim a clear advantage.
It is not clear how governments will utilize it, as the ecosystem itself isn’t yet decided. The entire ecosystem is still in construction.
In the next few years, governments and policymakers will need to consider how metaverse technology will integrate with current regulations.
NFTs remain, for example, in South Korea in legal gray. are not subjectTo the same standards as cryptocurrency.
Un spokesperson from the Ministry of Science and ICT was unable to respond beyond what is publically stated.
For now though, NFTs and crypto adoption in the country haven’t been slowed down, and major names are joining the movement.
BTS, the K-pop record-setting group announced a NFT project in late 2013. Despite some backlash from fans over environmental concerns — NFTs and cryptocurrencies require a lot of computing power — the project is moving ahead.
LG Electronics, a Korean tech giant launched an earlier in the year a division for blockchain and cryptocurrency.
The new frontier brings with it new risks
Javier Floren CEO at NFT startup DNAverse said that countries who experiment with new technologies for the future will have a better understanding.
But, experimentation can be dangerous. Web3 and metaverse components are also large contributors to cryptocurrencies. May’s price crash highlighted this fact.
A country like El Salvador that has made Bitcoin legal tender means it is vulnerable to these risks.
Floren explained that it would depend on the approach of different countries to the legal aspect.
“There will always be problems, risks, and challenges with any disruptive technology and all new interactions.”
He said that governments will have to change their thinking to see both the benefits and risks of the Internet, including the privacy of users or scam threats.
Web3’s movement is so complex that there will not be any legal support from governments at the start. [existing]Floren stated that protocols will not work in Web3.”
Do you look before you leap
Meta imagines a digital metaverse where people can interact with each other through avatars. New digital experiences can bring old problems. Such platforms as well as the authorities who supervise them will have to deal with privacy, security and illegal activities.
These are some of the issues South Korea and the other governments must address in order to venture into the metaverse. This is whether they’re using technology to increase citizen engagement or deciding what role to play as regulators for a rapidly growing technology.
South Korea is creating a new body to oversee issues such as data protection and illegal behavior.
Collaboration between different authorities might be required if the metaverse is to become as widespread as its advocates hope.
An organization based in the U.K., The Institute of Engineering and Technology published a report in AprilThe metaverse is home to illegal or abusive content, according to the company. It stated that children are at high risk due to a survey which found that two-thirds (or more) of parents do not understand the metaverse or how their children access it.
Joshi explained that no one is thinking meaningfully about the topic, which Joshi says is unfortunate.
He stated that companies have been jumping on the metaverse “bandwagon” without considering specific risks.
“I don’t know of any areas in which vendors have built these platforms, nor enterprises that really think about this.”
[ad_2]