A fund in South Korea is looking to the metaverse: Head of Korea Investment Corp says the company is considering investing in Metaverse, AI, and other alternative assets..
The following are the most important takeaways.
It has been announced that Korea Investment Corporation will invest in the Metaverse.
According to him, by 2025, the fund’s portfolio could include 25 percent alternative investments.
Since Facebook changed its name to Meta, interest in the Metaverse has skyrocketed.
Investing in Metaverse is an option for a Korean fund.
After Adidas, Facebook, and the Turkish government, the sovereign wealth fund of South Korea could be the next major player to explore the Metaverse.
Kim Jong-investment Un’s country’s arm, the Korea Investment Corp. (KIC), plans to invest in the Metaverse and artificial intelligence (AI).
CEO Seoungho Jin said that interest rate hikes by the Federal Reserve were not a deterrent to the fund from investing, despite recent market uncertainty.
For him, recovery from Coronavirus can be accomplished through hotel investments, while his optimism for Silicon Valley investments remains unshaken. In an interview with local media, he said that while some investors believe Silicon Valley has already reached saturation, “it still provides an excellent source of global growth.” There are still a lot of good opportunities to be had if you pursue them enthusiastically.”
Investing 25% of the fund’s assets in alternative assets, according to Jin, could increase the fund’s assets under management from $200 billion to $300 billion by the year 2025.
The term “metaverse” has been bandied about in the tech and cryptocurrency circles recently, but no one is entirely sure what it means. When discussing the next generation of the Internet, people often use the terms “virtual worlds” and “augmented reality” interchangeably.
Internet users can earn crypto tokens by playing games like Axie Infinity and using decentralised social media platforms on the future Metaverse, which is expected to be powered by blockchains.
Facebook rebranded as Meta in October 2021, and since then, the Metaverse has seen a surge in interest from the general public. Several virtual world-based cryptocurrency projects, including Decentraland and The Sandbox, have also benefited from the boom. Because of the announcement, their tokens skyrocketed and their land plots became extremely sought after. Land in NFT form from The Sandbox has been purchased by celebrities like Gucci, PwC, and Snoop Dogg, and the most valuable plots of the game have been selling for millions of dollars.