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Seoul, South Korea’s capital and largest metropolis, has opened doors to its long-mooted digital environment. Under the region’s Metaverse Seoul project, residents of the city can access the city’s services in a virtual space.
Consequently, the South Korean metropolis becomes the first major city to set up a public metaverse platform.
Phase 1 of the Metaverse Seoul Project Underway
City Mayor Oh Se-hoon revealed the initiation of the initial phase of Metaverse Seoul. Oh reports that the first phase of the project reportedly cost Seoul’s authorities about 2 billion won or $1.6 million. This, of course, came after the successful completion of the project’s beta testing.
In his statement, Oh described the platform as a communication hub for citizens of the capital city. Users get the chance to explore and interact with many of Seoul’s attractions. Additionally, they can view official papers, submit some complaints, and access information on filing municipal taxes.
Oh states that the next phase of the initiative aims to increase accessibility for senior citizens interested in Metaverse Seoul. As of 2022, data from Statistica shows that nearly 17% of South Korea’s population is 65 years or older. According to the mayor, the demographic in question may face some difficulty traveling to physical office spaces.
South Korea’s Metaverse Agenda
Seoul’s ambitious metaverse project is not without history. In 2021, Facebook’s Meta rebrand sparked a metaverse craze that has since cooled down. In 2022, the prolonged crypto winter no doubt also slowed down adoption.
Monumental events such as the decline of major platforms such as FTX, Voyager Digital, and Celsius have also served as a deterrent. Busan, a city in South Korea, had planned to construct a cryptocurrency exchange in partnership with FTX. However, following FTX’s collapse in November, the local government ended its collaborations with many centralized global exchanges.
Regardless, South Korea as a whole has remained at the forefront of metaverse and blockchain adoption. 2022 saw the country continue its venture into Web3 and the Metaverse. The East Asian nation invested almost $200 million in the creation of its metaverse ecosystem and publishing the “Metaverse Ethical Principles.”
Last year as well, the Ministry of Science and Information and Communication Technologies data, revealed the government budget for major Metaverse projects. The authorities reportedly intend to spend up to 195.4 billion won (around $140 million) developing their Metaverse industry in 2023.
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