Residents of South Korea’s capital city now have access to city-run services in a digital setting because of a project called Metaverse Seoul, which was initiated by the Seoul Metropolitan Government and launched recently.

Following the conclusion of beta testing on the project, Seoul Mayor Oh Se-hoon stated on January 16 that the first phase of the Metaverse Seoul project will now be launched. The mayor has stated that the virtual environment will serve as a “place of communication for citizens” of the capital city. This will give residents the opportunity to virtually visit a number of Seoul’s attractions, gain access to official documents, lodge specific complaints, and obtain information regarding the filing of municipal taxes.

According to reports, the first phase of the metaverse project cost the city’s government around 2 billion won, which is equivalent to $1.6 million. According to Oh, the second part of the project will entail making Metaverse Seoul more accessible to senior citizens, some of whom may have difficulty making the trip in person to municipal offices. According to the statistics provided by Statistica as of 2022, more than 17% of South Korea’s population was over the age of 65.

South Korea, which has one of the fastest internet access rates in the world and a population of 52 million, has taken the lead in a number of efforts revolving around the metaverse and the use of blockchain technology as the sector develops. The city of Busan revealed its intentions to construct a cryptocurrency exchange in August, and they will be working with FTX to do so. Following the failure of FTX in November, the regional administration severed ties with a significant number of its worldwide centralised exchange partners.

According to reports, a boom in interest in the metaverse occurred globally when Facebook changed its name to Meta in October 2021. As a result, numerous businesses announced their intentions to construct virtual offices. On the other hand, the meltdown of the cryptocurrency market in 2022 and the closure of large platforms such as FTX, Voyager Digital, and Celsius Network may have hindered the adoption of cryptocurrencies

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