South Korea has been creating quite an uproar in the digital world. The government has been extensively looking into the whole Terra fiasco over the last couple of weeks. Amidst this chaos, several metaverse-related projects have been veering into the market. Following this trend, Hancom, a Korean software developer along with Cyworld Z, a social media platform in the country have collaborated to roll out Cytown, the metaverse.
While South Korea has numerous metaverse projects lined up, this one has taken the center stage after it garnered approval from Google. According to this, Cytown will be allowed to launch a mobile application on the Playstore.
Cytown will reportedly entail an interactive social platform in 3D. It would be recreating Cyworld Z, a social media platform rolled out in April. This metaverse would consist of its very own economy and be run by Cyworld’s cryptocurrency, Dotori.
Cyworld had a strong hold on the South Korean market back in the mid-2000s. With a user base of 32 million, Cyworld emerged as one of the most popular social media platforms back in the day. However, the advent of Facebook and Twitter disrupted the growth of this platform. But now, it intends to make a comeback by exploring the digital verse.
While it has managed to garner the support of Google, Cytown, the metaverse is still waiting for a signal from Apple.
South Korea bets big on the metaverse
Increased interest in the unknown metaverse from all parts of the country has been pouring in. The Seoul government itself has decided to pour in 3.9 billion won for a metaverse project that enables South Koreans to employ public services virtually. In addition to this, several mainstream platforms in the country have decided to launch their very own metaverse.
This is speculated to be because of the Digital New Deal program that allows firms in South Korea to accelerate the metaverse industry. The South Korean government is all set to invest a whopping $177 million onto metaverse projects directly.
With the support of this magnitude from the government, the country could likely emerge as the leader of the digital world.