Gyeonggi Province Supports the Metaverse

What does metaverse mean? How big it is in South Korea at the moment?

What is the Metaverse?

“Metaverse” refers to a shared virtual world that functions as a forum for reality. It is an ideal means through which members of Generation Z can communicate with one another. When the popular girl group BLACKPINK held an autograph-signing event in the Metaverse world Zepeto, approximately 46 million views were recorded. Fans recently bought accessories and clothes worn by the avatars (virtual characters) of BLACKPINK’s members during their participation in the event. For Generation Z, Zepeto is considered an ideal medium through which to communicate with celebrities in this non-contact era.

This is one reason why global companies are investing in the Metaverse. For example, HYBE and YG Entertainment opted to invest KRW 12 billion in Naver Z, the provider of Zepeto services. The luxury brand Valentino also hosted a new fashion show in the Nintendo Switch game 'Animal Crossing'.
Metaverse refers to a shared virtual world that functions as a forum for reality
The public is enthusiastic about the Metaverse because non-contact environments are becoming a daily routines due to COVID-19. Activities in the real world are being replaced by those in the virtual world. The Metaverse is projected to spread among members of the “MZ” Generation (a Korean term inclusively referring to both millennials and Generation Z), particularly those who are familiar with smartphones and social media. The virtual world, which is not restricted by space, time or the interference of older generations, has quickly become a trend among younger generations.

Companies in Korea and abroad are endeavoring to increase their market share in the Metaverse. In Korea, Naver is on the offensive in this regard with Zepeto, and three Korean telecommunication companies have also partnered with AR and VR companies to focus on distributing Metaverse content. Global companies such as Facebook, Apple, Google, and Microsoft are also participating in the market.

Gyeonggi-do’s Support for AR and VR Fields Gyeonggi Province recently held the 2021 Gyeonggi Audition for VR/AR to identify and support companies specializing in VR and AR. The final list of those selected includes 27 startups. These companies will be provided with commercialization support in stages such as development funds and one-on-one mentoring, as well as assistance with corporate valuations, online corporate exchanges, investment events, and final performance presentations.



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Gyeonggido-Korea (경기도): Gyeonggi Province Supports the Metaverse
Gyeonggi Province Supports the Metaverse
What does metaverse mean? How big it is in South Korea at the moment?
Gyeonggido-Korea (경기도)
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