The South Korean Ministry of Science and ICT has said that it will recruit companies to participate in the 2022 Metaverse content creation project. A ministry director said the project is being promoted as part of the country’s industry-leading Metaverse strategy.
Building Trust in the Metaverse Content Creation Ecosystem
South Korea’s Ministry of Science and ICT has teamed up with the National Information and Communications Industry Promotion Agency (NIPA) to recruit companies to participate in the 2022 Metaverse Content Creation Project. Through the project, South Korea seeks to support the issuance of non-fungible tokens (NFTs) alongside local Metaverse content creators.
According to a report by Korean language publication News1, the project aims to instill confidence in the Metaverse content creation ecosystem. Four companies will be selected to participate in the project and will each receive approximately $160,000 (200 million won).
Meanwhile, Heo Won-seok, director of software policy at the Ministry of Science and ICT, cited in the report why South Korea is embracing the metaverse. The director said:
The project is being promoted as part of Metaverse’s new industry-leading strategy. We will work hard to lay the groundwork for Korea to move forward as a leading nation in the metaverse by providing content enjoyed by different age groups and providing support for the creative pursuits of creators.
According to the report, companies that want to participate in the project will have to submit their applications by July 8. In addition, the report states that content creators and content development companies wishing to participate can form associations with token issuances.
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