Led by the Ministry of Science and ICT... Participation from the Ministry of Economy and Finance, Ministry of Culture, Sports and Tourism, Korea Communications Commission, etc.
Separated and launched under the New Industry TF working group
Linkage between Metaverse and Blockchain industries
On the 16th, visitors attending the 'K-Metaverse Expo 2021' held at COEX in Gangnam-gu, Seoul, are experiencing the metaverse. Photo by Jinhyung Kang aymsdream@
[Asia Economy Reporter Cha Min-young] To secure leadership in the extended virtual world (metaverse) market, the Ministry of Science and ICT, Ministry of Economy and Finance, Ministry of Culture, Sports and Tourism, and Korea Communications Commission will jointly launch a provisional 'Metaverse Pan-Government Task Force (TF)'.
A senior government official said on the 17th, "We will launch the Pan-Government Metaverse TF and announce support measures within this month," adding, "The Ministry of Science and ICT will take the lead in driving policies by separating the Metaverse working group, which was originally one of the five working groups, and expanding it into a Pan-Government TF." The specific launch timing is expected to be from the end of this year to early next year.
The new TF originates from the Metaverse working group under the New Industry TF, led by the Ministry of Economy and Finance, which was launched last April. The joint working group, centered on the Ministry of Science and ICT and the Ministry of Culture, Sports and Tourism, has been exploring policy tasks for the development of the metaverse industry ecosystem over the past eight months with about 20 experts from both the public and private sectors.
On the 16th, visitors attending the 'K-Metaverse Expo 2021' held at COEX in Gangnam-gu, Seoul, are experiencing the metaverse. Photo by Jinhyung Kang aymsdream@
The reason the Ministry of Science and ICT took the wheel in the Pan-Government Metaverse TF is due to the strong linkage between the metaverse and blockchain industries. Blockchain technology is expected to play a key role in creating the foundation for creative and economic activities by realizing a method to prove asset ownership within virtual worlds. Ideas such as avatar ID cards and avatar meetings to improve work efficiency using virtual spaces are also being discussed. The Ministry of Science and ICT is examining areas where various metaverse platforms and services can be attempted in the digital environment.
In the era of 'Digital New Deal 2.0,' the Ministry of Science and ICT is leading efforts to expand the metaverse ecosystem. In May, it formed the 'Metaverse Alliance,' centered on academia, industry, and associations, including XR (Extended Reality) demand and supply companies, telecom operators, and broadcasting media companies. The 'Korea Metaverse Festival & K-Metaverse Expo,' hosted by the Ministry of Science and ICT, also aims to promote the metaverse industry.
The reason our government is focusing on preempting the metaverse market is due to its future market growth potential. The multinational consulting firm PricewaterhouseCoopers (PwC) estimated that the virtual reality (VR) and augmented reality (AR) related market size will grow rapidly from $45.5 billion (about 52 trillion KRW) in 2019 to $476.4 billion (about 540 trillion KRW) in 2025, and reach $1.5429 trillion (about 1,764 trillion KRW) by 2030.
A Ministry of Science and ICT official stated, "We are preparing strategies to seek new opportunities for our economy by leveraging the economic and social changes of the metaverse era and to realize a desirable metaverse society."
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