South Korean province will use metaverse to construct ties with Vietnam

South Korea’s Gyeongbuk Province plans to make use of the metaverse to increase financial and different relations with Vietnam, the province’s governor Lee Cheol-woo stated on Friday throughout a go to to the Southeast Asian nation.

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“We will prioritize expanding economic, cultural, trade and people-centric exchanges with Vietnam by utilizing the metaverse,” Lee stated in Vietnam’s Bắc Ninh province, in keeping with a Gyeongbuk press release on Monday.No particular quantities of investments have been determined, stated a spokesman for Gyeongbuk Province, which proclaimed itself South Korea’s “metaverse capital” in February, with regulatory exemptions and tax breaks.The metaverse refers to a community of 3D digital worlds accessed by way of digital actuality headsets as a part of the subsequent iteration of a decentralized Web, or Web3, constructed round blockchains, the underlying expertise of cryptocurrencies.In June the province stated it’s going to make investments 18 billion Korean gained (US$13.8 million) to determine itself as a hub for metaverse innovation, based mostly on the nation’s expertise and cultural content material. The province estimates the initiative will add 1 trillion gained in worth to the area.South Korean president Yoon Suk-yeol, elected in March this yr, has put the metaverse and Web3 improvement on his checklist of nationwide priorities. Additionally this yr, the Ministry of Science and ICT said it might make investments US$185 million to help the expansion of metaverse-related industries.Fumio Kishida, the prime minister of neighboring Japan, also announced investments within the metaverse and non-fungible tokens (NFTs) in October this yr and has designated Web3 improvement as one of many new pillars of financial progress within the nation.

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