Wall Street Rebounds as Investors Eye Tariff Uncertainty, Jobs Report 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Why the Middle East is being left behind by global climate finance plans 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
U.S. Condemns China's Dominance in Global Shipbuilding and Maritime Sectors 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
FxWirePro- Major Crypto levels and bias summary 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Seongnam is South Korea’s 12th most populated city, and it revealed its plans to jump into the metaverse and non-fungible token. It said that it would be recreating the entire city in the virtual space and issuing NFT citizenship to residents.
Officials said that it would grant NFT citizenship to give people access to the local municipal information and services. This digital token will serve as the people’s identification as well. The new project is called the “Metaverse Special City Seongnam”, and this will put the territory in the metaverse soon.
As per BeinCrypto, the cutting-edge plan by the city of Seongnam shows the growing number of projects in the country that are related to digitalization and blockchain. It was said that South Korea is actually aiming at making the nation a global hub for the metaverse and Web3.
The NFT citizenship scheme and the Metaverse scheme were unveiled on Wednesday this week. The officials of Gyeonggi Province laid out the proposition to build the city in the metaverse world. This project is expected to be completed within the first half of 2023.
This means that Seongnam will kick off the construction of the municipality on the metaverse very soon. It was mentioned that they want to start as early as next month. Then again, the city has yet to release the full details of the proposed virtual world project.
Meanwhile, Forkast reported that South Korea’s capital city of Seoul is also set to build its virtual city. It already held a test opening of its virtual presence on the metaverse last month, so it is almost halfway to completing the project.
The South Korean government said that with many companies and cities in the country getting into the Web3 and digital space, it is planning to launch the “Metaverse Industry Promotion Law.” The office said that this would also help with the promotion of digital business in the country.
Seoul is in the first phase of constructing its metaverse city, and construction began with the setting up of the Seoul Plaza and the Seoul City Hall. Since the region is wide, the virtual reconstructions may take a bit of time, but it is hoped that the Seoul Metaverse will be ready to go live as early as November.
