Based on an official press release, the Seoul Metropolitan Government has launched its Metaverse Seoul project.
The project gives citizens of South Korea's capital city with virtual access to city services.
The city government is said to have spent around 2 billion won ($1.6 million) on the first phase of the metaverse project.
The digital asset community believes that the metaverse hype has died.
Meanwhile, leading companies from multiple ecosystems began filing for metaverse trademarks during its peak. The extended bear market in 2022 also proved to be a bad year for the metaverse and the whole crypto market.
But the metaverse community is opening up to good news in 2023. As per recent reports, the Seoul Metropolitan Government will launch its first public metaverse initiative.
As per the Seoul Government's press release, the first public launch will be followed by beta testing of the metaverse project. Seoul citizens will be able to communicate through the newly launched metaverse.
It would also enable individuals to virtually visit any tourist spot and access government documents. As per the most recent statistics, the first phase of the metaverse project cost over $1.6 million.
The second part of this project will focus on senior citizens who will have difficulties commuting back and forth between offices. The global interest in the metaverse reportedly increased following Facebook's renaming to Meta in October 2021. After that, many companies announced plans to build virtual workplaces.
The crypto market meltdown and the failure of major crypto platforms slowed metaverse adoption in 2022, but a strong market outlook is likely to boost it in 2023.
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