South Korea is going to try and win a bigger share of the global market for metaverse platforms the emerging virtual reality services seen as the future of digital commerce.
Finance Minister Hong Nam-ki said Thursday in an emergency economic meeting, that the goal is to become the world's fifth largest player in the metaverse by 2026.
Currently, in terms of market share, the country ranks twelfth.
To grow the sector, he said, the government plans to invest around 47 million U.S. dollars this year, which will include support for private companies building metaverse platforms.
He said South Korea will focus on five key areas where the technology can be applied, including user interfaces and human-like AI avatars, and come up with metaverse R-and-D roadmaps.