SEOUL : South Korean engineer Shaun has big plans to develop the parcels of land he has snapped up for millions of won in recent years into long-term moneyspinners.
Their digital avatars play games, walk around with friends, host social gatherings, shop and party - and make plans to build cities and profitable businesses. "With global big tech companies such as Facebook seeing their business direction shifting toward the metaverse, the industry is raking in money," Choi said.
A Ministry of Science and ICT official told Reuters the government hopes to play a lead role in the metaverse industry. In a 604.4 trillion won budget for 2022 unveiled last week, the government earmarked 9.3 trillion won to accelerate a digital transformation and foster new industries such as the metaverse.
"They do not consider the metaverse as an alternative or replacement of reality, instead it's just another part of their lives," said Kim."They are the generation that has communicated with the world through devices since birth, unlike the older generation." As in the real world, land parcels located closer to popular districts are more valuable than others. Some land parcels that sold for about US$20 each when Decentraland launched in 2017 now change hands for hundreds of thousands of dollars.