South Korea’s interest in the metaverse continues to grow rapidly, as highlighted in a new report on its market growth. The report provides valuable insights into the industry’s size, trends, and dynamics in the country, with investments from both government entities and private corporations.
The government has demonstrated its commitment to emerging technologies, including metaverse, by investing US$177.1 million in 2022 as part of the Digital New Deal. The Ministry of Science and Information and Communication Technologies aims to support companies operating in the metaverse sector, extending to city-level metaverse innovation.
Seoul’s metropolitan government plans to construct a 3.9 billion won metaverse platform providing access to public services within the virtual world. Changwon, an industrial city in South Korea, also revealed its intention to establish a presence in the metaverse, investing a total of 13 billion won in developing a virtual industrial complex.
South Korean retailers are turning to emerging technologies like the metaverse to enhance shopper engagement. Korea Seven, the operator of global convenience store retailer 7-Eleven in South Korea, announced the launch of a metaverse platform in partnership with SK Telecom, offering visitors a range of experiences such as music festivals and events.
As the metaverse gains traction, companies are collaborating to safeguard young users from online abuse and exploitation. Zepeto, a metaverse platform developed by South Korean tech giant Never, announced a strategic partnership with INHOPE, a global network of hotlines dedicated to combating online child abuse, to protect young users in South Korea.
The report anticipates further investment and acceleration of industry growth as more South Korean cities enter the metaverse space, and retailers create immersive experiences for their customers in the virtual world. As the metaverse continues to gain traction worldwide, businesses must prioritize user safety and establish partnerships that promote a secure and inclusive virtual environment.