South Korean authorities have decided to embrace the future of Web3 and invest heavily in the metaverse. As part of the “Digital New Deal” program, which wishes to develop new technologies, the government is therefore putting 177 million dollars on the table.
This program is run by the South Korean Ministry of Science, Information Technology and Communication. Lim Hyesook – the minister in question – called the metaverse “an uncharted digital continent with undefined potential”. And it is first of all at the municipal level that a platform will be set up in Seoul to allow citizens to virtually access public services.
The government of Yoon Suk-yeol – newly elected last May – therefore has the research company Everest Group as its partner and logistical support. One of the group’s leaders – Yugal Joshi – welcomes the commitment of a State to research and offers the beginning of an explanation:
South Korea is enthusiastically jumping into the metaverse. First at the local level but with the ambition to make it an advantage for the country in the years to come.
South Korea is at the forefront of metaverse research
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…WHILE BEING AWARE OF THE RISKS INHERENT IN THE BEGINNING WEB3 SECTOR
“It’s interesting (…) because mainly we see initiatives from the private sector. Governments haven’t done much beyond South Korea. (…) This tells us that governments are starting to take this more seriously because [eventually] it’s a platform where people reunite. And anything that brings people together interests governments. »
As a privileged spectator at the heart of developments, Yugal Joshi notes that more and more initiatives are being launched in China and the rest of Asia, but that:
“How governments will use it is still undecided because the whole ecosystem is still under construction. »
Javier Floren – CEO of start-up NFT DNAverse – also adds that countries that “experiment with these new technologies will understand them better in the future”. And he goes on to explain that governments will have to “change their mindset a bit”. This is to take into account both the opportunities but also the risks intrinsic to Web3. And it lists “the protection of user privacy, threats of scams” but also “the protection of personal data, illegal behavior and respect for intellectual property.”
It is to anticipate these potential abuses that the government also plans to create a regulatory body supervising various ministries. And it is even rumored that Seoul would be in favor of collaboration between different states to protect users. It must be said that the Korean authorities are barely recovering from the Terra Luna scandal which has considerably damaged the country’s reputation. “I dreamed of reality” sang Bertignac and Aubert… will reality look like a dream or a nightmare? Beginning of response in South Korea in some time.
