Blockchain continues to become known as the next big thing in the world of emerging technologies. It has become relevant in all kinds of industries, with a variety of platforms being built on blockchain that enable the improvement of processes and systems.
This is because when a blockchain is scaled unbounded, it can easily handle the massive amount of data needed for next-generation platforms and the increasingly high number of digital transactions being processed on a daily basis. And as the network scales, blockchain transaction fees become lowered to the bare minimum.
One of the cutting-edge applications that is seen to benefit from the foundation of a scalable enterprise blockchain is the metaverse. It is a virtual world, the main selling points of which are a fully immersive and heightened sense of entertainment and diversified e-commerce.
It is not an overstatement to say that the world is already anticipating the launch of the metaverse. It is expected that the metaverse will boom into a $10-trillion industry. And this is why countries cannot help but jump into the research and development (R&D) of the metaverse, creating a steep competition that gives a peek at what the future digital economy would look like.
South Korea is one of these countries eyeing country-wide development and adoption of the metaverse. The country’s Ministry of Science and ICT (MSIT) has made public a metaverse strategy that will help maintain and exceed its position as a global technological leader through the metaverse.
South Korea’s metaverse strategy is a part of the Digital New Deal 2.0, which is the country’s transformative plan to improve the economy through digital products and services. Fiscal support is also a prime initiative for the Digital New Deal 2.0, which help implement a four-pronged metaverse action plan.
This includes metaverse R&D, industry empowerment, the education and training of metaverse professionals, and the promotion of ethical guidelines. South Korea is investing 160 trillion won, which converts to about $122 billion, into the metaverse. It is also aiming to create 1,901,000 metaverse-related jobs by 2025.
MSIT Minister Hyesook Lim believes that the metaverse strategy “will help South Korea to better respond to emerging new technologies in the future” and that the metaverse will become “a place where the youth can take up more challenges, grow, and leap forward to a greater world.”
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An example of the metaverse is the blockchain-based platform Zetly’s Sport Metaverse, which creates digital twins of sports fields, landmarks, and stadiums within the metaverse. This will allow fans to not only virtually attend games and events, but also purchase one-of-a-kind digital merchandise like NFTs and interact with their favorite players.
Zetly’s Sport Metaverse is a prime example of how the metaverse can enhance fan interaction and increase the entertainment value of sporting events. Not only will this help boost sports leagues’ popularity, but it will also provide a new revenue stream. The Kpop industry is one that will surely benefit from an iteration of the metaverse.
Many other countries aside from South Korea are seeing the real value in developing emerging technologies such as the metaverse. However, it will take years for the high-definition metaverse to be fully functional. Will South Korea be able to edge out the competition or even keep up? Cliché as it may sound, but only time will tell.