Metaverse Index

South Korea is introducing Seoul to the metaverse by constructing a virtual version dubbed Metaverse Seoul of the capital city in an effort to improve its public administration services.The virtual environment is a three-part project and is anticipated to be finished by 2026. The first phase encourages residents to utilize avatars to get tax advice, access adolescent counseling, locate assistance for small enterprises, and even read e-books.<h2 id="header-0">What’s inside ‘Metaverse Seoul’?</h2><a href="https://opengov.seoul.go.kr/press/27671570" rel="noopener noreferrer nofollow">In its press release</a>, Mayor Oh Se-hoon of Seoul invited the citizens to the “Seoul Plaza for reading books, Media Seoul Dreamboard, creation and play space for citizen participation.”The virtual Seoul will also feature a fintech lab, corporate support center, and Seoul’s top 10 tourist attractions.In future phases, it will also use augmented reality to manage municipal infrastructure and extend to include real estate and services for international investors. In addition, it intends to implement blockchain technology, including cryptocurrencies.The South Korean government has shown a keen interest in exploiting the possibilities of the metaverse, or virtual reality settings regarded as part of the Web3 movement from a centralized internet to decentralized platforms based on blockchains, the technology powering cryptocurrencies.<h2 id="header-1">South Korea into Web3</h2>The Ministry of Science and Information &amp; Communications Technology of South Korea announced in February 2022 intentions to establish a 223.7 billion Korean won (US$180 million) fund to invest in the nation’s metaverse sectors.The science ministry of South Korea describes the metaverse as a confluence of virtual and physical reality in which individuals may engage and provide economic, social, and cultural value.The Bank of Korea even performed a test of digital money issued by the central bank in November.South Korean firms like Samsung Electronics, SK Telecom, and Naver Corp. have extended their operations into the metaverse, and <a href="https://micky.com.au/south-koreas-president-gets-resistance-on-his-pro-crypto-stance/" rel="noopener noreferrer nofollow">President Yoon Suk-yeol </a>has deemed the development of this technology a national priority.Meanwhile, critics believe their government engaging in the metaverse is just a waste of public money.

South Korea improves public service through ‘Metaverse Seoul’

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