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S. Korean government reveals the gov-driven metaverse project budget.

Photo by julien Tromeur / Unsplash

South Korea’s Ministry of Science and ICT, together with the Korea Information and Communication Industry Promotion Agency and the Korea Broadcasting Association, announced the launch of two project competitions on March 9.

The 2023 Metaverse Leading Project aims to improve the convenience of people’s daily lives and create innovative services in various industries and will select 13 new projects in four areas, including public, industry convergence, technology leadership, and region.

A total of KRW 20.6 billion will be invested in the projects.

Two projects in the public sector will receive KRW 4 billion and KRW 2 billion, respectively.

The Metaverse Synthetic Training Environment (STE) pilot system aims to overcome limitations such as cost and location in live maneuver training and improve the management system.

In contrast, the Metaverse War Memorial Platform aims to raise public awareness of patriotism and veterans.

The industrial convergence field will receive KRW 3 billion to support two projects, the Metaverse Healthcare Platform, and the Metaverse Education Platform.

The former will provide various healthcare services, including medical care and psychological counseling.

In contrast, the latter will provide high-quality public education services for students with health disabilities in elementary, middle, and high schools.

In addition, KRW 6 billion will be allocated over three years for eco-friendly performance verification of small and medium-sized domestic ships based on Metaverse.

Furthermore, KRW 7.5 billion will be given over three years for selecting two industrial complex modernization projects based on Metaverse to transform aging industrial complexes.

In technology leadership, KRW 4 billion will be allocated over two years to improve the performance of domestic augmented reality (AR) devices (Glass) and build a content creation ecosystem in cooperation with global companies.

Two projects will be selected to develop new metaverse platforms and intelligent services based on super large-scale artificial intelligence and Web3, totaling KRW 2 billion for two years per project.

Finally, KRW 4 billion over two years will be provided to build a virtual environment studio and develop services that allow anyone to create metaverse media content.

The “Convergence Content Development Support” project aims to revitalize the ecosystem of metaverse creators and disseminate new ICT convergence services.

The project plans to invest a total of KRW 71.5 billion. It will select about 32 tasks from freely proposed tasks in the metaverse creation project and the metaverse convergence service.

About 16 tasks will be selected for developing and commercializing various types of creative content that can generate revenue in the metaverse environment.

In addition, approximately 16 projects will be selected to develop and commercialize Metaverse services based on enabling technologies such as natural language processing of speech, spatial sound synthesis, and facial expression recognition.

The Korea Information and Communication Industry Promotion Agency and the Korea Radio Promotion Association will host the Metaverse Lead Project.

Meanwhile, the Korea Information and Communication Industry Promotion Agency hosts the Convergence Content Development Support Project.

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