Another South Korean City Joins the Metaverse
Yet another South Korean city is establishing a presence in the metaverse. The South Korean industrial city of Sangwon joins a fast-growing list of cities in the country that are embracing Web 3.0 and creating digital twins in the metaverse. It is the latest demonstration of the speed with which the country is moving to adopt the new technology, far ahead of its peers.
It should be remembered that South Korea has long been a leader in the embrace of internet technologies. As the metaverse takes shape, the country is once again positioning itself to be a major player in this sector. Unique among other countries also embracing the metaverse where the trend is driven by brands and corporates, in South Korea, it looks like the public sector is front and center in adopting Web 3.0 technologies.
The city of Changwon is a coastal South Korean city located in the southeastern part of the country. Changwon city is now planning to recreate a digital twin of its industrial complex in the metaverse in an effort to market the city’s products and businesses using the emerging medium.
Changwon’s Web 3.0 adoption effort will utilize the digital twin technology whereby a virtual model is created from an exact replica of the real physical object. Changwon wants to rebuild its physical industrial complex inch-by-inch to recreate a convincing digital replica of the complex. Changwon will use its metaverse-based industrial complex to test and predict future technological advancements.
Changwon is a mid-sized South Korean industrial city. Its population is slightly more than a million. The industrial complex hosts 2,871 businesses and employs 122,625 people according to information on the city’s official website.
Building the industrial complex in the metaverse will cost the city $9.07 million. The project will be under the supervision of Korea Land and Geospatial Informatix Corporation which falls under the country’s Ministry of Land, Infrastructure, and Transport.
Other Korean cities are already doing different kinds of metaverse projects aimed at achieving different objectives ranging from improving service delivery to taking services to the metaverse or opening up new economic opportunities and lifestyle options.
The capital, Seoul, is already on a five-year program to build its digital twin on the metaverse. Seoul wants to use its metaverse to avail municipal services on the emerging platform and to promote virtual tourism. Last month, Seoul launched the beta test run of the first stage of its metaverse.
South Korea’s second biggest city, Busan, is also building its blockchain that it plans to leverage as a driving force for its future. In 2019, the city was, in fact, designated as a special blockchain zone. The city wants to attract talents and companies to its blockchain sector. Busan has also recently entered into partnerships with the leading crypto and blockchain players, FTX, Binance, and Huobi aimed at developing Busan’s crypto exchange, the first crypto exchange that is city-backed.
The myriad metaverse projects are sprouting on the back of South Korea’s open embrace of Web 3.0 technologies.
In February this year, the ministry of finance of South Korea invested $185 million into the development of a metaverse ecosystem spanning the whole country. South Korea’s science ministry wants the country to become a top-five metaverse player within five years.
South Korea’s new president Yoon Suk-yeol is also a strong believer in Web3 and this buy-in of the emerging technology at the highest level may also be powering the recent metaverse momentum being seen in the country.