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Report: South Korea to Recruit Companies for Metaverse Content Creation Project

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South Korea’s Ministry of Science and ICT has said it will recruit companies to participate in its 2022 Metaverse content creation project. The ministry director said the project is moving forward as part of the country’s industry-leading metaverse strategy.

Building Trust in the Metaverse Content Creation Ecosystem

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Ministry of Science and ICT together with the National Information and Communications Industry Promotion Agency (NIPA) announced that they will be hiring companies that will participate in the 2022 Metaverse content creation project. As part of the project, South Korea intends to support local metaverse content producers, as well as the issuance of non-fungible tokens (NFTs).

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According to report in the publication in Korean News 1, the goal of the project is to instill confidence in the metaverse’s content creation ecosystem. Four companies will be selected to participate in the project, each of which will receive about 160,000 US dollars (200 million won).

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Meanwhile, the report cites Ho Won-seok, director of software policy at the Ministry of Science and ICT, as explaining why South Korea is embracing the metaverse. The director said:

This project is being promoted as part of the new industry-leading Metaverse strategy. We will work hard to lay the groundwork for Korea to become the leading nation in the metaverse by providing content that can be enjoyed by different age groups and by supporting the creativity of creators.

Companies wishing to participate in the project must apply by July 8, according to the report. In addition, the report states that content creators and content development companies wishing to participate can form consortiums with token issuing companies.

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