As South Korea adopts Web3, Changwon is the latest city to seek a presence in the metaverse. This project will use digital twin technology to create a virtual model that is an exact replica of a physical object. The mid-sized industrial city boasts 2,871 businesses as tenants in the industrial complex, which employs 122,625 people.
Seoul has announced a five-year plan to build a replica of the mega city on the metaverse. Busan, the second largest city in South Korea, is hoping to grow its blockchain sector as a driving force for the future. Seoul metaverse is not the first large project in south Korea that uses Web3 to feed the local life and economy.
The city has a lot of exciting startups and blockchain talents. It has teamed up with Binance, FTX, and HUBI to build its first BCC exchange.
These developments follow the country’s open support for Web3. In February, the South Korean finance ministry poured around US$185 million into building a metaverse ecosystem. South Korea’s science ministry hopes to become a metaverse leader in five years. In addition to Yoon Suk-yeol’s election as president, the nationwide initiative seems to be gaining momentum.