Meta South Korea country manager Jung Ki-hyun said that South Korea is one of the most suitable areas for the metaverse.
As it is known, Facebook recently went through a rebranding and changed its name to Meta. Meta’s representative for South Korea said at the first press conference in South Korea after the rebranding that the country has one of the best environments for the metaverse business to flourish.
“Very Appropriate for the South Korean Metaverse”
South Korea country manager Jung Ki-hyun said there is a huge interest in VR (virtual reality) in the country, and the speed of adoption of VR devices like the Oculus Quest shows promise in offering a space for original equipment manufacturer environment and content developers. For this reason, according to Ki-hyun, South Korea is considered one of the most suitable areas for the metaverse.
According to a report by the Korean science ministry, the country’s VR market has grown at an average annual rate of over 36% in 2018, and the market is expected to reach more than US$2.5 billion by 2024.
“An Appropriate Ecosystem Should Be Created”
Jung Ki-hyun highlighted the need to develop an ecosystem suitable for users and creators before implementing advanced concepts such as NFTs. According to Jung, Meta strives to build the metaverse ecosystem and provide opportunities for creators through a billion-dollar fund.
Additionally, Park Hye-jin, vice president of Venture Capital MBA at ASSIST, said in an interview with Forkast.News, “People don’t want to live in the metaverse in an environment where interoperability is limited.”
cPark added that the metaverse industry needs to prepare a comprehensive infrastructure such as hardware development and network stability to provide users with a seamless and immersive experience.