South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race.

Fast facts

  • South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market.
  • South Korea’s Ministry of Science and ICT (MSIT) said that a single metaverse has the potential to create 1.5 million jobs that aren’t related to the physical world. 
  • The country’s VR market showed over 36% average annual growth rate in 2018, and is expected to be worth more than US$2.5 billion by 2024, MSIT data shows.
  • The government will also focus on protecting users from possible perils on the metaverse such as sexual harassment and exploitation by setting a guideline for all projects to follow.
  • Meta, formerly Facebook, recently said that South Korea is best suited for the metaverse, due to society’s receptivity, hardware manufacturing capabilities, and content creation.