The race for the virtual ecosystem is heating up as more media companies are lining up for a move to the metaverse. According to reports, Munhwa Broadcasting Corporation (MBC), one of South Korea’s leading media outlets, has penned a strategic partnership with the metaverse firm, The Sandbox.
Top South Korean TV Firm Signs Metaverse Deal
According to an announcement from The Sandbox over the weekend, MBC has signed a metaverse partnership with the virtual experience services provider. This will see MBC replicating its office buildings and studios on the metaverse.
In addition, the TV giant will also create other metaverse-themed content for users on The Sandbox platform.
MBC has a history of Metaverse-related projects to its name. In 2021, the company launched its virtual avatars for non-celebrity panels on the famous “Masked Talents.” The program is a recreation of the “Masked Singer,” which has gained popularity among Koreans for some time.
Meanwhile, MBC is still airing Avatar Singer, the first metaverse music program. Moreover, the metaverse show is accessible via the augmented reality (AR) avatar, which is used to hide the faces of the contestants.
The Sandbox has several partnerships with major South Korean businesses from different sectors.
Korea’s Burgeoning Metaverse Investment
South Korea seems to be the only Asian nation betting on the metaverse industry. Since May 2022, the Asian powerhouse has invested close to $177.1 million in the growing virtual ecosystem.
In addition, its government is the first to initiate a national metaverse project as the country seeks to grow its digital economy.
The Digital New Deal is South Korea’s national plan for the metaverse industry, which seeks to support companies and create more jobs.
Moreover, the Seoul Metropolitan Government has already invested 3.9 billion Won for residents to access public services in the metaverse.
Furthermore, the metaverse hype peaked last year and has been seen as the foundation for the virtual world. Since Facebook’s rebrand to Meta, the metaverse drive has gained significant traction among corporate entities.
As a result, South Korea’s national government move is a welcome development for the booming industry.
As a tech-driven economy, the country has the blueprint to set the pace for other governments to follow in investing in the virtual landscape.
Much has been said about South Korea’s private sector investment in the new sector. Still, the government has shown a willingness to step into an unfamiliar space by encouraging public institutions to take an interest in the metaverse.
Things may have been happening in bits, but the government has shown its readiness to plunge resources into the virtual ecosystem because any project that brings people together will also attract the government’s interest.
However, the metaverse activities are still in their early stages in Asia, like in other parts of the world, as more time and financial resources are needed to develop the critical applications for the ecosystem.
Meanwhile, no country currently has an advantage over another regarding the metaverse.