South Korea’s Ministry of Science and ICT has invested 24 billion Korean won (US$18.1 million) in a fund aimed at driving metaverse initiatives in the country. The fund will support mergers and acquisitions of companies in the metaverse ecosystem and assist local metaverse-related companies to compete with global counterparts, given the challenges in raising capital through private investment. This investment comes as major tech companies show increased interest in the metaverse. South Korea launched a digital replica of Seoul in the metaverse in January, with an investment of around 2 billion won (US$1.6 million) for the first phase of the project.