South Korean authorities launched a tender to create a metaverse

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South Korea's Ministry of Science and NIPA Offer Financial Support to Content Creation Companiesfor metaverses, against the backdrop of government subsidies for the industry.

South Korea's Ministry of Science and ICT, together with the National Agency for the Promotion of the Information and Communications Industry (NIPA), said they are going to hire companies that willAs part of this initiative, South Korea intends to support local content producers, as well as the issuance of non-fungible tokens (NFTs).Four companies will be selected to participate in the project, each of which will receive200 million won (about $160,000).

Heo Won-Seok, Director of Software Policy at the Ministry of Science and ICT, said the projectis being promoted as part of the country's new leading strategy for the development of the metaverse industry.The press release states that companies wishing to take part in the project must submit an application by July 8.At the same time, developers can create consortia with companies that issue tokens.

With its policies, South Korea demonstrates a strong desire to take a leading position in the metaverse market.At the beginning of the month, South Korean authorities said they were going to spend $117.1 million to invest in the metaverse.This is the first time that the state has officially allocated money for the development of virtual reality. 

On the other hand, after the collapse of the Terra project, the South Korean government is tighteningIn particular, by the end of June, the authorities intend to create a CommitteeIn addition, the South Korean authorities have announced that they intend to involve law enforcement agencies in overseeing the cryptocurrency industry.