In an effort to promote the companies and goods, Changwon, a coastal city in South Korea on the southeast tip of the peninsula, plans to reproduce its industrial complex in the metaverse
In order to construct an exact replica of the actual complex, inch by inch, the project will make use of digital twin technology, which generates a virtual model that is an identical replica of a physical thing. The Changwon metaverse industrial complex will also be used to test and forecast upcoming developments in science and technology.
According to the city’s official website, the mid-sized industrial city, which has a population of just over a million, has 2,871 enterprises as tenants in the industrial complex, which collectively employs 122,625 people.
“The city of Changwon will win the first position in the fourth industrial revolution through focusing on rebuilding the industrial structure with mobility, artificial intelligence, hyper-connection [technology] and more,” said Changwon mayor Hong Nam-pyo at Changwon’s digital platform conference last Friday.
Under the direction of the Korea Land and Geospatial Informatix Corporation, an agency of the Ministry of Land, Infrastructure, and Transport, the city would invest 13 billion Korean won (approximately $9.07 million) in the construction of the industrial complex in the metaverse.
The Changwon metaverse project is not the first significant instance in South Korea where essential Web3 technologies have been used to support the local life and economy.
The capital of South Korea, Seoul, launched a five-year plan to create a digital version of the megacity last year in order to expand residents’ access to public services and foster virtual travel. The first stage of the Seoul metaverse’s beta testing started last month.
The second-largest city in South Korea, Busan, wants to develop its blockchain industry as a future engine. Busan has been actively luring blockchain-related businesses and expertise since it was designated as a special blockchain zone in 2019. More recently, the city established alliances with Binance, FTX, and Huobi to create its first cryptocurrency exchange supported by the city.
These changes come after the nation publicly endorsed Web3 technology.
The South Korean finance ministry invested over US$185 million in creating a metaverse ecosystem across the country in February of this year. South Korea’s scientific ministry aspires to move up to the top five global metaverse leaders in just five years.
Yoon Suk-yeol, who believes Web3 would be a crucial growth factor for South Korea, was elected president, and his election appears to have given the national project more traction.