South Korean authorities launched a public tender for the creation of a metaverse

Despite the fall of Terra and the stricter control over the cryptocurrency market in South Korea, the government intends to continue to sponsor the development of this industry. Earlier, the authorities announced their intention to spend more than $100 million on developing metaverses and filling them with different content.

Representatives of the Ministry of Science and the National Agency for the Promotion of Information and Communication Technologies have announced that four national companies in South Korea will be funded to create a metaverse. In total, the state will provide them with support of 800,000,000 won (200 million for each participant), which equates to 160 million dollars. As noted by the government, companies wishing to participate in the tender are required to submit the relevant documents no later than July 8. Also, developers were allowed to cooperate with other companies that already have experience in creating tokens.

It is worth noting that this is the first time in world practice that a country is engaged in state financing of the development of metaverses. According to experts, such actions demonstrate the desire of the South Korean government to lead the way in the metaverse market. At the same time, there is a tightening of control over everything related to the blockchain and cryptocurrencies in the country. So, according to the statements of South Korean regulators, by the beginning of July this year, the Digital Assets Committee will be created, and its task will be to protect cryptocurrency investors. Also, the parliament repeatedly suggested involving security agencies in supervising the country’s crypto industry.

Recall that earlier, the CEO of the WhiteBIT crypto exchange Volodymyr Nosov and the Minister of Foreign Affairs of Ukraine, Dmytro Kuleba, discussed the development of the blockchain and cooperation between the crypto community and the government of Ukraine.