April 18, 2024

South Korea Bets on Metaverse for Economic Growth

South Korea is making significant strides in the metaverse industry, aiming to position itself as a global leader in this emerging technology. The country is taking a proactive approach to exploring the possibilities of the metaverse, with plans to fully implement it in one of its largest cities and create a metaverse designed to support mergers and acquisitions of virtual world companies.

While many countries are focused on the instability surrounding the web three community, South Korea is doubling its investments in the metaverse, seeing it as a potential economic growth engine.

To this end, the country’s Science and ICT recently announced significant investments towards the metaverse fund, with the government investing over $18.1 million. As a result, the fund is targeted to reach $30.2 billion, making it one of the largest of its kind in the world.

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The South Korean government’s support for the metaverse fund is driven by strong interest from major companies, which would be difficult for local players to attract through private investments due to significant investment risks.

However, the government recognizes the importance of helping domestic companies keep up with global competition and has declared its intention to be an active supporter. The Seoul metaverse replica, which was launched with a $1.5 billion investment from the South Korean government, is seen as the first phase of the country’s metaverse project.

The government plans to invest more in the future phases of development to make the metaverse a reality before 2026. Despite its focus on the metaverse, South Korea is paying attention to the risks associated with cyber threats.

In February, the government announced the first independent sanctions related to Web 3 space and cyber attacks, targeting several North Korean groups and individuals. It shows that the government is taking a measured approach to balancing the potential benefits of the metaverse with the need for security and stability in cyberspace.

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Living Proof Ventures Into the Metaverse

Living Proof, a science-driven hair care company, is taking a bold step forward in the metaverse industry by partnering with the experimental platform ByondXR. The two companies aim to debut their digital store with Living Proof, hoping to offer consumers a digitized interactive and immersive shopping experience, utilizing the metaverse to its fullest potential.

The storefront will utilize extended reality (XR) as the enabling technology, with 3D 360-degree features to create immersive virtual rooms within the metaverse. In addition, the companies envision their metaverse platform incorporating various show-and-tell aspects, providing consumers with a learning experience that enables them to understand the technology behind Living Proof’s hair care products.

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This approach will not only offer consumers an innovative way to shop, but it will also provide the company with a better way to interact with its audience while maintaining transparency and credibility. In addition, this interactive space is designed to enable users to walk and navigate the space, while incentives will give them more room to find and explore new products and technologies.

ByondXR’s founder, Noam Levavi, expressed his enthusiasm for being part of this new and innovative shopping experience, stating that partnering with Living Proof on this venture will be an innovative way to lead the industry. With this new partnership, the two companies aim to pioneer the future of shopping experiences in the metaverse and establish themselves as leaders in the field.

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