A report states that companies that want to participate must submit their application for the project by July 8. The report also stated that content development companies and content creators can form consortiums with token-issuing companies to participate.

In a joint statement with the National Information and Communication Industry Promotion Agency (NIPA), South Korea’s Ministry of Science says that it will hire companies to participate in the 2022 Metaverse Content Creation Project. The governing authorities aim to assist the issuance of non-fungible tokens (NFTs) and local metaverse content makers.

As per the director of software policy at the Ministry of Science and ICT, Heo Won-Seok, the promotion of the project is a part of an ideology that the metaverse is the future. He says that it would become an “industry-leading strategy.”

“This project is being promoted as part of the metaverse new industry-leading strategy. We will work hard to lay the groundwork for Korea to leap forward as a leading nation in the metaverse by providing content that can be enjoyed by various age groups and support for creative activities of creators.”

A local South Korean news channel says that the ultimate goal of the project is to develop trust in the content creation ecosystem of the metaverse. A total of four companies will be selected to participate and each will receive a sum of approximately $160,000 (200 million won).


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