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Seoul: The First Major City to Invest in the Metaverse?



The government of the South Korean capital Seoul announced on Thursday that it has allocated funds to develop digital technologies such as big data, artificial intelligence and the metaverse.


The federal government of the South Korean capital Seoul announced on Thursday that it has allocated a total of 345.9 billion won to promote digital applied sciences such as artificial intelligence and the Metaverse.


According to local news outlet The Korea Herald, up to 1,067 projects will benefit from the city's plan to invest in these fast-growing technologies. About a third of the total investment will be allocated to smart city projects, which aim to explore the use of big data, AI and metaverse technologies in building the digital infrastructure for improved city services.


The city said one of the benefits is that the investment plan would create nearly 3,500 new jobs, particularly for youth. But this Metaverse boom currently sweeping the world has other benefits as well. The Metaverse, which requires an enormous amount of computing power, will benefit global chipmakers. Analysts say other technology-related sectors could also benefit from this.


Widely considered to be the next generation of the internet, the Metaverse broadly refers to a virtual world where people interact via three-dimensional avatars that can be controlled via virtual reality headsets such as the Oculus.


The Metaverse is still in its early stages, but numerous crypto projects are now focusing on this area. Decentraland, The Sandbox, and Axie Infinity are some of the leading names in the Metaverse space.


A recent report by crypto asset manager Grayscale estimates that the digital world could become a $1 trillion business in the near future, and it's no wonder.


Big artists including Justin Bieber, Ariana Grande and DJ Marshmello appear as their own avatars in the Metaverse, adding to the interest. Even Paris Hilton threw a New Year's Eve party on her own virtual island.


Snoop Dogg is building a virtual mansion on a lot in Sandbox, and recently someone paid $450,000 to be his neighbor.

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