Metaverse: A Korean large wealth fund is focusing on the metaverse

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The leader of a $200 billion South Korean wealth fund has decided to invest in the metaverse, AI, and alternatives. By 2025, he believes alternative assets would make up 25% of the fund’s portfolio.

Seoungho Jin, who has been at the helm of the fund since mid-2021, said the fund is unfazed by the Federal Reserve’s projected interest rate hikes. Which have sparked pessimism in global markets and contributed to a recent sell-off in Big Tech stocks and crypto-currencies.

Jin took over as chairman of the fund from Heenam Choiat in May of last year, after it virtually doubled in size over the previous five years. He had previously spent the most of his career with the Ministry of Finance, which owns 100% of KIC.

Potential in the Silicon Valley.

“Hotels may be a big gamble if the deadly coronavirus epidemic resurfaces”, he said. Furthermore, he still sees potential in Silicon Valley investments. “Some investors believe Silicon Valley is now saturated,” he told local media. “Which I have to admit is partly true, but it’s still a source of global growth”. “If you work hard enough, there are still a lot of good opportunities.”

Jin noted that by 2025, the fund’s alternative asset investments might account for around a quarter of its portfolio. And that its assets under management could reach $300 billion.

The term “metaverse” has recently become a buzzword in the IT and crypto industries. It refers to a next-generation version of the Internet that integrates virtual worlds and augmented reality. In which users can interact with one another, play games, and participate in other activities.

Because blockchains are likely to support most of the Metaverse in the coming era, the Metaverse is commonly associated with crypto-currency technology and the Web3.

“It’s certainly possible that Internet users may earn crypto tokens to use decentralized social networking platforms, play games like Axie Infinity, and so on if the Metaverse lives up to its potential”.

Source: https://metanews.com/metaverse-a-korean-large-wealth-fund-is-focusing-on-the-metaverse/

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