South Korea is investing 27.7 billion Korean received (US$21 million) into native providers seeking to make the most of the metaverse, the ministry of science introduced Wednesday, following Tuesday’s information that it might set up a US$30 million metaverse fund to assist startups broaden their companies.

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Fast information

• The US$21 million funding will assist 13 new tasks in sectors together with healthcare, training and tourism that can innovate providers utilizing the metaverse to enhance providers for the general public, in response to the press release.
• South Korea’s 40 billion received (US$30 million) fund announced Tuesday will encourage smaller enterprises within the metaverse sector to actively search mergers and acquisitions to broaden operations to the worldwide market.
• In February 2022, South Korea invested about US$185 million to develop the nation’s metaverse ecosystem. Since then, a slew of metaverse tasks have emerged from each the personal and public sectors, particularly capital metropolis Seoul’s launch of its metaverse replica. 
• Meta Platforms’ Reality Labs, one among world’s main metaverse builders, reportedly misplaced US$13 billion final 12 months as its digital platform Horizon Worlds failed to attract a big variety of returning customers. 
• According to Google Trends, netizens have been step by step dropping curiosity in metaverse as a search time period during the last 12 months, with its reputation reducing 76% in comparison with its yearly peak in March 2022.

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