The South Korean Ministry of Science and ICT plans to establish a Metaverse fund of approximately 40 billion Korean won this year.

According to ChainCatcher news, the South Korean Ministry of Science and ICT announced plans to raise approximately 40 billion KRW this year for a Metaverse fund to be used for investment management companies. This year’s fund will include 23 billion KRW from the government (reinvestment of fund recovery) and 17 billion KRW from private sources, with a minimum scale of 40 billion KRW. Selected management companies will focus on investing in SMEs related to key foundational technologies such as XR, AI, digital twins, and Blockchain that realize Metaverse products and services, with an investment ratio exceeding 60%. In addition, to promote the AI integration of promising companies in the Metaverse, the selected management companies must also invest more than 50% in AI integration or overseas companies to continuously support active overseas expansion and exports.