South Korea aims to become world’s fifth largest metaverse market by 2026

The South Korean government is planning to transform the country into the world’s top metaverse market.

A government statement on Thursday said South Korea aims to become the world’s fifth-largest metaverse market by 2026. The Korea Herald reports that the government will set up 220 companies with 40,000 metaverse technology professionals to meet the target.

The country’s Ministry of Science and ICT has announced a multi-government strategic plan to respond to the economic and social changes that the new metaverse model will bring and prepare for the future. Establishing an ecosystem environment, mainly for metaverse platforms; Training of professionals; It has four goals: to create a safe environment for all Metaverse users and to support companies.

“Metaverse is a new digital continent full of endless opportunities. Everyone can play the lead role and make their dreams come true. It is a place where there are opportunities for young people, especially those who want new challenges and want to grow in a wider world. “Science and ICT Minister Lim Hee-suk said.

The government will provide various forms of support to developers and individual companies, but the private sector will have to lead the development of various forms of metaverse, the statement said. Starting this year, a Metaverse academy will be set up to produce talented young people, and up to two graduate universities will be set up. It has also announced that it will provide up to 5.5 billion won ($ 4.6 million) for each school over the next five years.

For the company and its students, the country will also host Metaverse development contests and hackathons for Metaverse Creators using local software programs. According to the plan, the country will use metaverse technology in the arts, Culture Education It plans to use K-Pop for travel and travel, as well as build an online Korean-language institute on Metaverse platforms for foreigners.

Through the subsidy program, the government aims to achieve annual sales of more than 5 billion won from each of the 220 metaverse companies by 2026.