- Seoul developed its own public digital world to handle legal disputes, petitions, and education.
- Tuvalu intends to protect its culture and history through the virtual world.
- By 2030, the metaverse sector is expected to be worth more than $1 trillion.
Seoul developed its own open virtual world to handle civil complaints, discussions, and learning. According to many projections, assuming broad adoption occurs, the metaverse industry will be worth $1 trillion by 2030. According to CoinMarketCap, the market valuation of virtual world tokens is now about $12.1 billion.
The one move toward broad acceptance of a digital world has been taken by the Seoul Metropolitan Government. Oh Se-hoon, the governor of Seoul, encouraged residents to “Metaverse Seoul,” the city’s public virtual world initiative. Seoul initially promised a digital area, “allowing residents to simply meet with avatar authorities to cope with legal grievances and suggestions, which are presently handled solely by contacting municipal offices,” in 2021.
By 2023, Seoul hopes to create a metaverse "allowing citizens to conveniently meet with avatar officials to deal with civil complaints and consultations, which are currently handled only by visiting municipal offices." https://t.co/cl6KiqldPX— William Gallo (@GalloVOA) November 3, 2021
The initiative, which will feature services such as a fintech lab, a business assistance center, and Seoul’s top ten tourism sites, will be available to the public in 2023. It will also allow for the establishment of a youth mentoring and counseling room, civil service counseling, and tax services.
Metaverse Seoul, according to Mayor Oh Se-hoon, will be a crucial tool for communication for its inhabitants in the new normal. It is an all-inclusive administrative service that anybody can use without regard for time or space constraints.
South Korea has done well in embracing the virtual world. The town of Seongnam in South Korea has similarly declared intentions to create a digital replica that would allow inhabitants to access municipal services and information using NFT authentication.
As Tuvalu, a small island nation, proclaimed its intention to be the world’s first virtual country, the virtual world’s use scenarios soared beyond conception. Tuvalu, which has a community of about 12,000 people, is determined to conserve its heritage and culture since rising sea levels threaten to drown the entire area.