The metaverse has been attracting attention with every passing day. So it is no surprise that several studies have projected the size of the metaverse market to reach $1 trillion by 2030 if mass adoption occurs. As per data from CoinMarketCap, the market cap of metaverse tokens totals $12.1 billion.
South Korea, one of the most technically advanced Asian countries, has taken a new step towards adopting a virtual world. Recently, Oh Se-hoon, the mayor of Seoul, invited citizens to “Metaverse Seoul,” the city’s public metaverse project.
Seoul is the capital city of South Korea and promised its citizens a virtual space in 2021. Sources reveal that this initiative of the city administration allows citizens to conveniently meet with avatar officials to deal with civil complaints and consultations, which are currently handled only by visiting municipal offices.
The “Metaverse Seoul” will open to the public in 2023 and include services such as a fintech lab, a corporate support center, and Seoul’s top 10 tourist attractions. In addition, the project will also include a youth mentoring counseling room, civil service counseling, and tax services.
Oh Se-hoon says that the project would greatly help once the adoption kicks in and would benefit citizens in numerous ways. In his words:
“Metaverse Seoul will be an important communication tool for citizens in the new normal. It is an inclusive administrative service that everyone can take advantage of without any time and space obstacles.”
South Korea has been one of the biggest proponents of the virtual world and has taken multiple steps to highlight the same. The city of Seongnam also announced plans to generate a digital copy providing citizens with access to multiple information and services using non-fungible token (NFT) identification.
Interestingly, the nation has limited itself to implementing new projects and brought legislative changes. In September last year, Todayq News reported that South Korea’s ruling party intended to develop a “Metaverse Industry Promotion Law,” which will concentrate on setting the foundation for numerous metaverse-related regulations.
Countries have visualized metaverse and its use cases in surprising ways. Interestingly, Tuvalu, a small island nation, announced to become the world’s first digital nation. With a population of around 12,000, it decided to preserve its history and culture as the concerns of it submerging due to rising sea levels increased.
Simon Kofe, the Foreign Minister of Tuvalu, said, “Our land, our ocean, our culture are the most precious assets of our people, and to keep them safe from harm, no matter what happens in the physical world, we will move them to the cloud.”
However, with the increasing metaverse adoption, there has been an increasing concern about its use for malpractices. For example, in Korea, a 30-year-old man sexually assaulted children by using fake identities in a popular metaverse. He used a childish avatar to engage with kids, sent them presents, and lured them into sending explicit photos and videos.
In December 2021, a woman also shared her experience of being sexually harassed in the metaverse. Also, Todayq News reported a study from a cybersecurity firm named Kaspersky titled “Consumer Cyberthreats: Predictions for 2023”.
The report highlighted that in the coming times, malware, ransomware, and phishing attacks will be critical concerns for the crypto industry. Subsequently, the metaverse could be a potential target too. Such unfortunate incidents and figures have highlighted the need for policing the sector