SEOUL -- A total of 10 South Korean companies will present new metaverse solutions at the South by Southwest (SXSW) event in Austin, Texas from March 8 to March 16 through a joint exhibition booth. The country's science ministry has set up the joint booth to support exhibitors.
Metaverse is a virtual world where anyone can engage in many different social and economic activities using their own avatars. Metaverse platforms require high-speed internet access. Market research firm Emergen Research's data showed that the global metaverse market is projected to reach $828.95 billion by 2028.
The Ministry of Science and ICT said it has established the joint booth to assist 10 South Korean exhibitors at SXSW 2024. The annual event encompasses conferences, festivals, and exhibitions in multiple industries, including technology, film, and music. "We hope that the participation of South Korean companies in SXSW 2024 will serve as a foundation for domestic developers of metaverse solutions to create new business opportunities," the ministry's software policy officer Hwang Gyu-cheol said in a statement on March 11.
South Korean exhibitors include dob Studio, a company specializing in the production of virtual humans. Using artificial intelligence and deep learning technology, dob Studio creates digital artists and models for advertisement content. The event will also be participated by Inventis, which develops a three-dimensional virtual car exhibition platform.
Metaverse platforms have been incorporated into many sectors in South Korea to bridge the gap between online and offline spaces. In January 2023, Seoul released "Metaverse Seoul," a virtual platform in which avatar workers can handle civic complaints and other administrative services. With the launch of Metaverse Seoul, Seoul became the world's first city to offer services in various sectors including education, tourism, and tax.
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