The Seoul Metropolitan Government has launched the Metaverse Seoul project, allowing residents of the capital city of South Korea to access city services in a virtual setting. Mayor Oh Se-hoon announced the first phase of the project, stating that the internet would serve as a communication platform for the people of Seoul. This virtual space will enable users to explore Seoul’s attractions, view official documents, raise concerns, and seek assistance with municipal taxes.
The city administration reportedly spent approximately 2 billion won ($1.6 million) on the first phase of the metaverse project. Mayor Oh plans to focus on facilitating access for senior citizens in the second phase, recognizing that physical travel to city offices may be challenging for them. With more than 17% of South Korea’s population being over 65 years old, this initiative aims to provide them with easier access to city services.
South Korea, with its population of 52 million people and fast internet speeds, is at the forefront of adopting blockchain technology as the metaverse expands. The city of Busan had plans to develop a cryptocurrency exchange in partnership with FTX before the company’s bankruptcy, but these plans were subsequently abandoned. The interest in the metaverse has grown following Facebook’s rebranding to Meta, with many businesses announcing their intentions to establish virtual offices.
However, the adoption of the metaverse may have been delayed in 2022 due to the collapse of the cryptocurrency market and the demise of platforms like FTX, Voyager Digital, and Celsius Network. Despite this setback, the metaverse sector is predicted to be one of the most promising areas in the cryptocurrency industry. Investors have shown great interest in NFTs and the metaverse, even in the face of a bearish market trend.
Given the potential for personal and business success, it is highly anticipated that the metaverse sector will become a trillion-dollar market within the next seven years.
