SNEAK PEEK
- Yoon Suk-yeol has set national targets for virtual world and Web3 growth.
- Lee Cheol-woo stated that they will use the virtual world to emphasize economic and social progress in Vietnam.
- The province announced an investment of 18 billion won to establish itself as a metaverse innovation center.
The “metaverse” province of South Korea announced it would utilize a virtual platform to strengthen ties with Vietnam. Gyeongbuk County in South Korea intends to make use of the metaverse to improve commercial and other ties with Vietnam, said the country’s governor, Lee Cheol-woo during a visit to the Southeast Asian country.
Yoon Suk-year, South Korea’s new president, has made the metaverse and Web3 growth national goals. This year, the Ministry of Science and ICT announced a US$185 million investment to encourage the expansion of metaverse-related companies.
According to the science ministry, its metaverse rules are founded on three main values: authentic identification, safe practice, and long-term prosperity.
Lee Cheol-woo visited a Southeast Asian country on Friday and announced that they will emphasize growing economic, social, commercial, and people-to-people contact with Vietnam through the use of the virtual world.
No precise funding amounts have been determined by the company, which declared itself South Korea’s “metaverse capital” in February with legal exemptions and tax perks.
Fumio Kishida, Japan’s prime minister, officially confirmed funding in the virtual world and non-fungible tokens (NFTs) in October of this year and has identified Web3 development as one of the state’s current pillars of economic progress.
The virtual world is a platform of 3D virtual worlds linked via virtual reality headsets as part of Web3, the next generation of a decentralized Internet-based around blockchain systems, the underlying technology of digital currencies.
In June, the province declared an 18-billion-won investment to create itself as a metaverse innovation center based on the nation’s technology and cultural resources. The county forecasts that the program will add 1 trillion won to the region’s worth.
