South Korean province will use metaverse to build ties with Vietnam - Forkast News

South Korea’s Gyeongbuk Province plans to usage the metaverse to grow economical and different relations with Vietnam, the province’s politician Lee Cheol-woo said connected Friday during a sojourn to the Southeast Asian country.

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Fast facts

• “We volition prioritize expanding economic, cultural, commercialized and people-centric exchanges with Vietnam by utilizing the metaverse,” Lee said successful Vietnam’s Bắc Ninh province, according to a Gyeongbuk press release connected Monday.
• No circumstantial amounts of investments person been decided, said a spokesperson for Gyeongbuk Province, which proclaimed itself South Korea’s “metaverse capital” successful February, with regulatory exemptions and taxation breaks.
• The metaverse refers to a web of 3D virtual worlds accessed done virtual world headsets arsenic portion of the adjacent iteration of a decentralized Internet, oregon Web3, built astir blockchains, the underlying exertion of cryptocurrencies.
• In June the state said it volition put 18 cardinal Korean won (US$13.8 million) to found itself arsenic a hub for metaverse innovation, based connected the country’s exertion and taste content. The state estimates the inaugural volition adhd 1 trillion won successful worth to the region.
• South Korean president Yoon Suk-yeol, elected successful March this year, has enactment the metaverse and Web3 improvement connected his database of nationalist priorities. Also this year, the Ministry of Science and ICT said it would put US$185 cardinal to enactment the maturation of metaverse-related industries.
• Fumio Kishida, the premier curate of neighboring Japan, also announced investments successful the metaverse and non-fungible tokens (NFTs) successful October this twelvemonth and has designated Web3 improvement arsenic 1 of the caller pillars of economical maturation successful the country.

See related article: S. Korea releases ethical guidelines for the metaverse

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