South Korea's Ministry of Science announced on Wednesday that it will invest 27.7 billion Korean won (USD 21 million) in local services that want to use Metaverse, following Tuesday's news that it will establish a USD 30 million Metaverse fund to help startups expand their operations.
According to the press release, the USD 21 million investment will support 13 new projects that will innovate services using Metaverse to improve services for the public in sectors such as healthcare, education and tourism.
South Korea invested approximately USD 185 million to develop the country's Metaverse ecosystem in February 2022. Since then, a number of Metaverse projects have emerged from both the private and public sectors, such as the launch of the Metaverse replica of the country's capital Seoul.
