A new report on the growth of the Metaverse in South Korea highlights the burgeoning interest in the metaverse within the country. As the industry continues to grow, this report provides valuable insights into the size, trends, and dynamics of the South Korean metaverse market.
With investments pouring in from government entities and private corporations, South Korea’s metaverse’s future is poised for significant growth and innovation.
Here’s how according to a The South Korea Metaverse Market Intelligence Report 2023.
City-Level Innovations in the Metaverse
The South Korean government has demonstrated its commitment to the metaverse and emerging technologies by announcing a US$177.1 million investment in 2022 as part of the Digital New Deal.
Under this initiative, the Ministry of Science and Information and Communication Technologies aims to support companies operating in the metaverse sector. This investment involves the national government and extends to city-level metaverse innovation.
Seoul’s metropolitan government announced plans to construct a 3.9 billion won metaverse platform designed to provide locals access to public services within the virtual world.
In September 2022, Changwon, an industrial city in South Korea, also revealed its intention to establish a presence in the metaverse, joining a growing list of interested cities.
Changwon’s project involves recreating its industrial complex in the metaverse to promote businesses and services. The city is expected to invest a total of 13 billion won in developing this virtual industrial complex.
Over the short to medium term, the publisher anticipates more South Korean cities will enter the metaverse space, driving further investment and accelerating industry growth for the next three to four years.
Retailers Embracing the Metaverse
As consumers seek innovative experiences from brands and businesses, South Korean retailers are turning to emerging technologies like the metaverse to enhance shopper engagement.
In November 2022, Korea Seven, the operator of global convenience store retailer 7-Eleven in South Korea, announced the launch of a metaverse platform in partnership with the South Korean telecommunications giant SK Telecom. This virtual platform offers visitors a range of experiences, such as music festivals and events.
The virtual store features creative elements like food products, including ramen noodles and beer, transformed into chairs, allowing visitors to sit and enjoy various types of content. This immersive experience demonstrates the potential for more retailers in South Korea to adopt metaverse technologies in the coming years.
As the metaverse continues to gain traction, it is expected that more retailers in South Korea will create immersive experiences for their customers in the virtual world, further driving innovation and engagement in this rapidly evolving market.
Ensuring Safety in South Korea’s Metaverse
The increasing innovation and proliferation of metaverse projects in South Korea have captured consumers’ attention, particularly Generation Z.
As the adoption of metaverse platforms grows among South Koreans, companies are entering strategic collaborations to safeguard young users from online abuse and exploitation.
In November 2022, Zepeto, a metaverse platform developed by South Korean tech giant Never, announced a strategic partnership with INHOPE, a global network of hotlines dedicated to combating online child abuse.
Through this collaboration, the two firms aim to strengthen monitoring technology and develop a reporting hotline to protect young users in South Korea from abuse and exploitation.
By working together, Zepeto and INHOPE are committed to fostering a safe environment for young people within the virtual world. This collaboration is essential to ensuring that the metaverse remains a secure and positive space for users of all ages.
As the metaverse continues to gain traction in South Korea and worldwide, businesses must prioritize user safety and establish partnerships that promote a secure and inclusive virtual environment.
The South Korea Metaverse Market Intelligence Report 2023 underscores the growing interest and rapid expansion of the metaverse in the country. Driven by substantial investments from both government and private entities, the metaverse industry is poised for significant growth and innovation in the coming years.
The Metaverse represents an exciting digital landscape poised to transform our lives. According to MRFR analysis, this emerging market is anticipated to experience robust growth, boasting a 45.2% growth rate from 2022 to 2030 and reaching a valuation of over USD 107.49 billion by 2030.