Quick take:
- The Korean government has launched a 3-year metaverse promotion plan.
- The Metaverse Industry Promotion Act will lay the groundwork for various policies for popularising the metaverse in the country.
- The Ministry of Science and ICT (MSIT) has already created a draft of the ethical principles to be observed as the metaverse industry gains momentum.
South Korea has launched the Metaverse Industry Promotion Act. The act will lay the groundwork for the promotion of the metaverse in the country. According to the announcement on Friday, The Ministry of Science and ICT (MSIT) has already drafted the ethical principles to be observed as the metaverse continues to gain momentum in the country.
The metaverse is generally described as a 3D virtual space that allows people to interact immersively through gaming, virtual concerts and cultural events. The industry was recently projected to reach $5 trillion in market value by the year 2030, according to McKinsey. The South Korean government has been at the forefront in supporting the nation’s plan to dominate the metaverse.
The newly launched Metaverse Industry Promotion Act aims to create a framework that will help the industry to thrive without infringing on the rights of supporting industries.
For instance, in Europe and North America, several companies have already gone to court complaining about the infringement of their intellectual property rights by web3 companies.
Others have filed several trademark applications to protect their brands in the metaverse, and from digital creators targeting the NFT space.
According to the MSIT bill, the Metaverse Policy Review Committee led by the Prime Minister will deliberate and review the policies written down for the promotion of the metaverse. And every three years, the Minister of MSIT will establish a plan for the activation of the metaverse, thus creating a stable foundation for the promotion of the industry.
The Korean government has already set aside approximately $186.7 million to support the metaverse industry. Earlier this year, it established a multi-pronged plan for the metaverse, which included among others working with 200 technology companies investing in the metaverse.
Korea has also been one of the leading countries based on the number of mainstream companies collaborating with web3 startups and venture capital firms to tap into the metaverse opportunity.
Cube Entertainment and Netmarble, which have teamed up with Animoca Brands and Binance, respectively are great examples, while Solana recently announced a $100 million fund to invest in Web3 startups in the country.
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