2022 was not the best year for metaverse developments and adoption. Many have even considered that the metaverse hype was dead. Nonetheless, during its peak, top companies from various ecosystems began filing for metaverse trademarks. However, the prolonged bear market in 2022 proved not to be the best year for the metaverse and the general crypto market.

The metaverse community is opening up to positive news in 2023 with the Seoul Metropolitan Government launching its Metaverse Seoul project which will allow residents of the South Korean capital city to access city services in a virtual environment.

Seoul Mayor Oh Se-hoon announced the launch of the first phase of Metaverse Seoul following beta testing of the project at a press briefing that happened on 16th January. 

The mayor emphasized that the online environment will be a place of communication for citizens of the capital city, allowing them to virtually visit many of Seoul’s attractions, access official documents, file certain complaints, and receive answers to questions on filing municipal taxes.

Approximately 2 billion won ($1.6 million) was reportedly spent on the initial stage of the metaverse project by the city’s Government. According to Oh, the second phase will involve making Metaverse Seoul more accessible to senior citizens, who may have trouble commuting to city offices in person. More than 17% of South Korea’s population was over 65 years old as of 2022, according to data from Statistica. 

With 52 million people and one of the fastest internet speeds in the world, South Korea has taken the helm of some of the projects surrounding the adoption of blockchain technology as the metaverse expands. In August, the city of Busan announced plans to build a crypto exchange in collaboration with FTX. After FTX collapsed in November, the local government subsequently dropped many of its global centralized exchange partners.

Following Facebook’s change of name to Meta in October 2021, there has apparently been an increase in interest in the metaverse, with numerous businesses announcing plans to establish virtual offices. However, it’s possible that the collapse of the cryptocurrency market and the demise of important platforms like FTX, Voyager Digital, and Celsius Network may have delayed adoption in 2022.