S.Korea aims to become world’s 5th-biggest metaverse market by 2026

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Seoul, Jan 20 | South Korea on Thursday unveiled a long-term road map to foster its metaverse industry, with the aim of becoming the world’s fifth-largest market in the next five years.

Under the plan, South Korea will foster at least 220 metaverse companies with sales volumes of more than 5 billion won ($4.2 million) and create a “metaverse academy” this year to nurture 40,000 local experts by 2026, the ICT and Science Ministry said.

“Metaverse is a digital ‘New World’ with infinite possibilities,” Yonhap News Agency quoted Science and ICT Minister Lim Hye-sook as saying, noting that the government will work closely with the industry and relevant ministries.

The metaverse refers to a shared virtual space in which users interact with each other through digital avatars and experience a virtual reality (VR) world.

Such platforms have grown in popularity over recent years as people shifted their activities online amid the pandemic.

South Korea also plans to build an online Korean language institute on metaverse platforms for foreigners and to kick off several projects to apply metaverse technology in tourism, medicine and arts, including in K-pop.

To boost further growth, it will run a “K-Metaverse Academy” to help global metaverse startups enter the South Korean market and connect them with local content companies.

Currently, South Korea is said to rank 12th in the world in terms of market share in the metaverse industry.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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