The virtual economy is getting bigger and bigger each passing day. With the rise of virtual real estate, virtual art, and virtual gaming, people have began to take interest with entire concept of Metaverse.
And now, countries are also inclined to focus their energies and investments towards this new rising asset class – Metaverse. The latest country to announce a domestic Metaverse initiative is South Korea.
The Ministry of ICT of Korea has allocated $223 Billion Korean Won (equal to $186 Million) towards ‘Expanded Virtual World’ initiative. The country aims to expand the ecosystem of virtual organizations, real estate, economy, and cities in the Metaverse.
World Class Metaverse System
Venture Capital firms and Business Angels are already aggressively investing in the metaverse space such as Decentraland and Sandbox, two of the most popular virtual worlds in existence today.
Korean head of communication and policy department said “It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”
Back in November 2021, the Muncipal Government of Seoul teased plans of a public metaverse space project titled Last November, “Metaverse 120 Center.”
The founder of DeSpread has praised the South Korean government’s efforts of investing into ‘Expanded Virtual Metaverse’.
“Outstanding companies building a digital economy in the metaverse will be able to thrive with the Korean government’s support.”
Global Brands Entering The Metaverse
Recently, the cosmetics giant, Loreal Paris has also filed 17 individual patents relating to NFTs and the metaverse, between the 7th to 10th of February 2022.
Each of these filings with the World Intellectual Property Organization features a different brand, and a different kind of cosmetic, with virtual perfumery, hair care products, and skincare items all making the grade: NFTPlazas remarks. These patents encompass the company’s most popular brands, including Redken, Maybelline, Kiehl’s, and others.
