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The government unveiled a long-term road map to foster its metaverse industry Thursday, with the aim of becoming the world's fifth-largest market over the next five years.
Under the plan, Korea will foster at least 220 metaverse companies with sales volumes of more than 5 billion won ($4.2 million) and create a "metaverse academy" this year to nurture 40,000 local experts by 2026, the ICT and science ministry said.
"The metaverse is a digital New World with infinite possibilities," Science and ICT Minister Lim Hye-sook said, noting that the government will work closely with firms in the sector and relevant ministries.
The metaverse refers to a shared virtual space in which users interact with each other through digital avatars and experience a virtual reality (VR) world. Such platforms have grown in popularity over recent years as people shifted their activities online amid the pandemic.
Korea also plans to build an online Korean language institute on metaverse platforms for foreigners and to start several projects to apply metaverse technology in tourism, medicine and the arts, including K-pop.
To boost further growth, it will run a "K-Metaverse Academy" to help global metaverse startups enter the Korean market and connect them with local content companies.
Currently, Korea is said to rank 12th in the world in terms of market share in the metaverse industry. (Yonhap)
