The Seoul government has kickstarted its metaverse expansion in 2023 by launching ‘Metaverse Seoul.’ How are other countries driving adoption?
Various studies have projected the size of the metaverse market to reach $1 trillion by 2030 if mass adoption occurs. Presently, the market cap of metaverse tokens, according to CoinMarketCap, is around $12.1 billion.
The Metaverse Seoul
The Seoul Metropolitan Government has taken one such step towards the mass adoption of a virtual world. The mayor of Seoul, Oh Se-hoon, invited citizens to “Metaverse Seoul,” the city’s public metaverse project.
Seoul first promised a virtual space, “allowing citizens to conveniently meet with avatar officials to deal with civil complaints and consultations, which are currently handled only by visiting municipal offices,” in 2021.
The program will be open to the public in 2023 and will include services such as a fintech lab, a corporate support center, and Seoul’s top 10 tourist attractions. It will also facilitate a youth mentoring counseling room, civil service counseling, and tax services.
Mayor Oh Se-hoon says, “Metaverse Seoul will be an important communication tool for citizens in the new normal. It is an inclusive administrative service that everyone can take advantage of without any time and space obstacles.”
South Korea has embraced the virtual world well. The city of Seongnam in South Korea also announced plans to spawn a digital copy providing citizens with access to municipal information and services using NFT identification.
Tuvalu, the Metaverse Island
The metaverse use cases went beyond imagination when Tuvalu, a small island nation, announced to become the world’s first digital nation. With a population of around 12,000, Tuvalu decided to preserve its history and culture because rising sea levels might eventually submerge the entire island.
“Our land, our ocean, our culture are the most precious assets of our people, and to keep them safe from harm, no matter what happens in the physical world, we will move them to the cloud,” said Simon Kofe, the Foreign Minister of Tuvalu.
The Challenges With Virtual World
The bad actors have also used these virtual worlds for ill purposes. A 30-year-old South Korean man sexually assaulted children by assuming fake identities in a popular metaverse. Using a childish avatar, he engaged with kids, sent presents, and lured them into sending photos and videos without clothes.
Check out BeInCrypto’s 2023 metaverse predictions here.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.