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A new report on the growth of the Metaverse in South Korea highlights the burgeoning interest in the metaverse within the country. As the industry continues to grow, this report provides valuable insights into the size, trends, and dynamics of the South Korean metaverse market.

With investments pouring in from government entities and private corporations, South Korea’s metaverse’s future is poised for significant growth and innovation.

Here’s how according to a The South Korea Metaverse Market Intelligence Report 2023.

The South Korean government has demonstrated its commitment to the metaverse and emerging technologies by announcing a US$177.1 million investment in 2022 as part of the Digital New Deal.

Under this initiative, the Ministry of Science and Information and Communication Technologies aims to support companies operating in the metaverse sector. This investment involves the national government and extends to city-level metaverse innovation.

Seoul’s metropolitan government announced plans to construct a 3.9 billion won metaverse platform designed to provide locals access to public services within the virtual world.

In September 2022, Changwon, an industrial city in South Korea, also revealed its intention to establish a presence in the metaverse, joining a growing list of interested cities.

Changwon’s latest initiative is centered around replicating its industrial complex within the metaverse, aimed at boosting businesses and services. The city has allocated 13 billion won for the development of this virtual industrial complex.

Over the short to medium term, the publisher anticipates more South Korean cities will enter the metaverse space, driving further investment and accelerating industry growth for the next three to four years.

As consumers seek innovative experiences from brands and businesses, South Korean retailers are turning to emerging technologies like the metaverse to enhance shopper engagement.

Korea Seven, the operator of 7-Eleven convenience stores in South Korea, unveiled the debut of a metaverse platform in November 2022. Collaborating with SK Telecom, a leading South Korean telecom corporation, the company introduced a virtual store that offers a diverse range of experiences such as music festivals and events for visitors to enjoy.

The virtual store features creative elements like food products, including ramen noodles and beer, transformed into chairs, allowing visitors to sit and enjoy various types of content. This immersive experience demonstrates the potential for more retailers in South Korea to adopt metaverse technologies in the coming years.

As the metaverse continues to gain traction, it is expected that more retailers in South Korea will create immersive experiences for their customers in the virtual world, further driving innovation and engagement in this rapidly evolving market.

The increasing innovation and proliferation of metaverse projects in South Korea have captured consumers’ attention, particularly Generation Z.

As the adoption of metaverse platforms grows among South Koreans, companies are entering strategic collaborations to safeguard young users from online abuse and exploitation.

South Korean tech giant, Never, revealed in November 2022 that its metaverse platform, Zepeto, has formed a strategic alliance with INHOPE, a global network of hotlines committed to fighting online child abuse.

Through this collaboration, the two firms aim to strengthen monitoring technology and develop a reporting hotline to protect young users in South Korea from abuse and exploitation.

By working together, Zepeto and INHOPE are committed to fostering a safe environment for young people within the virtual world. This collaboration is essential to ensuring that the metaverse remains a secure and positive space for users of all ages.

As the metaverse continues to gain traction in South Korea and worldwide, businesses must prioritize user safety and establish partnerships that promote a secure and inclusive virtual environment.

The South Korea Metaverse Market Intelligence Report 2023 underscores the growing interest and rapid expansion of the metaverse in the country. Driven by substantial investments from both government and private entities, the metaverse industry is poised for significant growth and innovation in the coming years.

The Metaverse represents an exciting digital landscape poised to transform our lives. According to MRFR analysis, this emerging market is anticipated to experience robust growth, boasting a 45.2% growth rate from 2022 to 2030 and reaching a valuation of over USD 107.49 billion by 2030.

Zepeto, a metaverse platform by Never, partnered with INHOPE to combat online child abuse, strengthening monitoring technology, and developing a reporting hotline.

They announced a US$177.1 million investment in 2022 as part of the Digital New Deal, aiming to support companies operating in the metaverse sector.

Seoul plans to build a 3.9 billion won metaverse platform for public services, while Changwon is investing 13 billion won in a virtual industrial complex.

The report provides insights into the size, trends, and dynamics of the South Korean metaverse market, highlighting its rapid growth and innovation.

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