South Korea dives deeper into the metaverse; Japanese Rakuten launches NFT market

It looks like South Korea is on its way to becoming a metaversal superpower. The East Asian nation’s government is currently investing KRW 223.7 billion (about $187 million) in a new metaverse platform.

South Korea’s Ministry of ICT, Science and Future Planning has committed funding to develop the project, titled “Extended Virtual World”.

The government agency wrote a statement on Sunday who confirmed the plans, citing the goal of supporting the growth of digital content and business growth in the country, including with a focus on education and media.

Communications officer at the ministry, Park Yungyu, said the metaverse platform initiative is part of South Korea’s broader “Digital New Deal,” which has committed $2.2 billion to the blockchain-related technology over the next few years.

“It is important to create a world-class metaverse ecosystem as a starting point to intensively foster a new hyper-connected industry,” Yungyu said.

The ministry added that it will be hosting various community events, including a metaverse developer contest and a hackathon. And in January, it also revealed plans to make South Korea the world’s fifth-largest metaverse market by developing 220 metaverse companies and 40,000 industry experts by 2026.

Earlier this month, South Korea’s $200 billion sovereign wealth fund announced plans to increase its exposure to the metaverseAI and alternative assets and boost its investments in Silicon Valley startups.

Meanwhile, the country’s largest mobile game company, Netmarble, said it was already developing games based on the metaverse following the creation of its new development arm – Metaverse Entertainment – in August. It’s all part of a deeper and deeper company-wide (and seemingly nation-wide) pivot into the virtual world.

Japanese Rakuten launches NFT market

Tokyo-based e-commerce and online retail giant Rakuten Group has announcement the launch of a non-fungible token (NFT) market called Rakuten NFT.

It’s a movement that saves predictions Japan is on its way to becoming one of the largest NFT adopters in the world.

The announcement notes that the market will aim to grow rapidly with new features, and then a peer-to-peer service for minting and selling NFT content is planned for 2023.

The platform aims to allow IP owners to create their own website to issue and sell NFTs through a feature called “Rakuten ID”.

“Rakuten NFT is a service that provides a marketplace for users to purchase NFTs, as well as peer-to-peer buying and selling of NFTs, across a range of areas such as sports and entertainment, including music and entertainment. anime,” reads the Rakuten. announcement.

One of the main brands for which Rakuten NFT plans to produce and market NFT content is the J.League, Japan’s professional soccer league.

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