The metaverse, a virtual realm where physical and digital realities converge, holds immense potential for transforming industries and shaping the future of technology. Recognizing this, the Korean government has taken a proactive approach in creating a sustainable and thriving metaverse ecosystem. By supporting and nurturing local metaverse startups, Korea is paving the way for other countries to emulate its successful model and leverage the opportunities presented by metaverse technologies.
K-Metaverse Pavilion at AWE Asia 2023: One of Korea's government institutes, the National IT Promotion Agency (NIPA), has played a pivotal role in promoting the Korean metaverse industry. At the Augmented World Expo Asia (AWE Asia) 2023, NIPA selected six Korean metaverse and XR companies to feature at the K-Metaverse Pavilion. This platform showcased the innovations and technological advancements of these companies, providing them with an opportunity for global expansion.
1- Lita :showcased its educational and immersive work titled "the Lost World" experience, which allows students to explore ancient civilizations such as Bagan, Angor Wat, the Pyramids, Baekjae, and the Qin Tombs in China, among others.
2- Salin : showcased its two metaverse platforms, EpicLive and ReadyPlay. EpicLive a B2B metaverse platform that allows businesses to create and host immersive events and meetings
ReadyPlay is a B2C metaverse platform that allows users to create their own virtual spaces and avatars
3- Dataking: showcased a 360° VR Museum solution, its MICE and enterprise meeting tool 360xCon, and its metaverse co-creation platform Hexaworld that allows users to build virtual spaces and trade 3D virtual assets.
4- Emotionwave:
RIMA is a music AIoT platform that uses artificial intelligence to create personalized music experiences. The platform analyzes a user’s listening habits and preferences to recommend new music, create playlists, and generate personalized remixes.
AIMPLE is a metaverse NFT entertainment platform that allows users to create, collect, and trade NFTs of music, artworks, and other digital assets. The platform also offers a variety of games and experiences that allow users to interact with their NFTs.
MEW is a metaverse AI music education platform that uses artificial intelligence to provide personalized music education. The platform offers a variety of courses and lessons that can help users learn to play instruments, compose music, and sing
MUTA is a virtual concert production platform that allows artists to create and host immersive virtual concerts.
5- Dooribun:
I-TUBER is a 3D streaming system that uses specialized motion capture and AR technology to animate 3D characters in real time without prior animation work. This makes it possible for anyone to create their own virtual character and start broadcasting live in the metaverse, without the need for expensive equipment or specialized skills
6- P&C Solution:
Metalense is a Mixed Reality headset that aims to address common challenges associated with AR solutions, primarily user discomfort. The headset features an in-house AR Engine and advanced optical technology. The company asserts that this combination offers a seamless blend of real-world visuals with augmented digital imagery
This global exposure further solidified Korea's position as a leader in immersive technology and demonstrated the government's commitment to supporting the growth of this sector.
Global Promotion and Market Development: Korea's commitment to promoting its metaverse industry extends beyond national borders. The NIPA joint pavilion, named K-Metaverse Pavilion, was hosted at the Mobile World Congress (MWC) Las Vegas earlier in 2022, facilitating business meetings with local buyers and strengthening the publicity of Korean companies. DEMO DAY presentations provided a platform for Korean metaverse companies to showcase their products and solutions, attracting the attention of global venture capitalists. Furthermore, Korean companies actively participated earlier at AWE EU 2022 in Lisbon, Portugal, where they highlighted the Korean metaverse ecosystem and engaged in discussions on the impact of XR technology.
Why Other Countries Should Emulate the Korean Government Model:
Korea's proactive approach in building a sustainable and thriving metaverse ecosystem serves as a valuable model for other countries, including India. By providing comprehensive support, fostering collaboration between industry players, and actively promoting global expansion, the Korean government has created an environment conducive to metaverse innovation and growth.
Emulating the Korean government model can enable countries to harness the potential of the metaverse, drive economic growth, and position themselves as leaders in this transformative technology. By investing in infrastructure, supporting startups, and facilitating international collaborations, countries can unlock the opportunities presented by metaverse technologies and create a sustainable and thriving metaverse ecosystem.
By investing in the metaverse, countries can stimulate economic growth, foster innovation, and shape the future of technology. The journey to a thriving metaverse ecosystem begins with proactive government support and collaboration among industry players, ultimately creating a world where the boundaries between physical and digital realities blur.
If you are interested in connecting with these companies or others in the Korean metaverse ecosystem may contact ywpark@thewelcome.co.kr.