South Korea is bringing Seoul to the metaverse, launching a virtual replica of the capital city to ease public services for its local residents.
Metaverse Seoul is a virtual world that is estimated to be completed by 2026. Its initial stages will invite citizens to use avatars to inquire about tax questions, get youth counseling services, read e-books with the community, and even act as a platform for small businesses to seek support if needed.
What the future holds for the virtual world is to eventually expand into real estate and foreign investor services by incorporating augmented reality to manage municipal infrastructure. There will also be plans to integrate blockchain technologies like cryptocurrency for a seamless experience at digital Seoul.
As part of its “Digital New Deal” political initiative, South Korea has been expanding its metaverse initiatives extensively/ In February 2022, the nation released plans to fund about $200 million as allocation for metaverse projects, including grants to be awarded to universities and companies to expand technologies. The Bank of Korea also reportedly completed a test of central bank digital currencies in November.
The investments being made for the nation are allocated in hopes for Seoul to be in the top five nations in metaverse developments by 2026. With regards to this, South Korean President Yoon Suk-yeol will be making technology advancements a priority throughout the nation. Hand-in-hand, Minister of Foreign Affairs, Park Jin, doubled down on that message at the forum for Global Innovation in Seoul on December 9th, saying the country is set to be a powerhouse of the metaverse.
However, South Korea is not the only country making substantial investments throughout the digital realm. In recent October, Japan’s Prime Minister, Fumio Kishida, has released the country’s plans on investing in non-fungible tokens (NFTs) and metaverse services, too.