South Korea’s industrial city will reinvent itself in the metaverse

Changwon, a South Korean coastal city on the southeast end of the peninsula, plans to recreate its industrial complex in the metaverse in a bid to promote businesses and products.

The project will use digital twin technology, which creates a virtual model that is an exact replica of a physical object to build an inch-by-inch copy of the physical complex. The Changwon Metaverse Industrial Complex will also be used to test and predict future technological and environmental advancements.

The medium-sized industrial city with a population of just over one million has 2,871 tenant companies in the industrial complex, which employs a total of 122,625 people, according to the city’s official website.

“Changwon City will win the first position in the fourth industrial revolution by focusing on rebuilding the industrial structure with mobility, artificial intelligence, hyper-connection [technology] and more,” Changwon Mayor Hong Nam-pyo said during the Changwon Digital Platform Conference last Friday.

The city will spend 13 billion Korean won (about $9.07 million) to build the industrial complex in the metaverse under the supervision of the Korea Land and Geospatial Informatix Corporation, which falls under the Ministry of Land, Infrastructure and Transportation.

The Changwon Metaverse Project is not the first major case in South Korea to use key Web3 technologies to power local life and economy.

Seoul, the capital of South Korea, announced a five-year plan last year to build a replica of the megacity on the metaverse to provide citizens with another way to access city services and promote tourism. virtual. The Seoul Metaverse launched a beta test of its first stage last month.

Busan, South Korea’s second largest city, hopes to develop its blockchain industry as a driving force for the future. Since being designated as a special blockchain zone in 2019, Busan has been actively attracting blockchain companies and talents. Most recently, the city entered into partnerships with Binance, FTX, and Huobi to build its first city-backed crypto exchange.

These developments follow the country’s open support for Web3 technology.

Earlier this year, in February, South Korea’s Ministry of Finance invested around $185 million in building a metaverse ecosystem across the country. The country’s science ministry hopes that South Korea will become one of the top five global metaverse leaders in just five years.

The national initiative appears to have gained momentum when South Korea elected Yoon Suk-yeol as president, who believes Web3 will be a key growth driver for his country.

About Nereida Nystrom

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