Political push could boost South Korea’s Metaverse, P2E, NFT

South Korean crypto and metaverse gaming projects could get a big boost in the coming weeks – if the outcome of the next general election goes in the right direction and politicians keep their promise.

Political push could be Korea’s Metaverse, P2E, NFT. crank

The South Korean gambling giants have been banned from the play-for-money (P2E) market due to the government’s restrictive stance on cryptocurrencies and non-fungible tokens (NFTs). Titles like Axie Infinity are not readily available in the country, and the gaming regulator recently announced that it would urge app marketplaces to remove P2E titles.

In many cases, this has forced Korean game companies to penetrate foreign markets with their blockchain releases – at the expense of the domestic game industry.

But what could turn out to be an important development, Lee Jae-myung, the Democratic Party candidate nominated in the presidential election, created a unit of “Games and Metaverse” before the vote in March. Lee has previously positioned himself as a crypto-friendly candidate and led a parliamentary movement that has successfully postponed imposing a tax on trading profits until 2023.

Since then, he has gone further and has spoken about the need to put South Korea at the forefront of crypto innovation in East Asia. Many have accused Lee of desperately trying to target young voters, a growing number of whom are interested crypto investors.

Nevertheless, Lee seems to have succeeded in the pair race between him and the candidate of the People’s Party Yoon Suk-yeol.

Initial indications that this stance has proven to be somewhat successful: Although he was behind Yoon in opinion polls late last year, a Realmeter poll last week showed that Lee is now a narrow margin and is currently gaining support from young voters . Lee was surveyed with almost 41% and Yoon with just over 39%. The company reported that Lee voted before Yoon in all age groups except those over 60.

Korean Democratic Party candidate has positive views on Metaverse

At an event marking the launch of the Democratic Party’s Metaverse and Gaming Task Force, Lee was quoted as saying:

“Blockchain, Metaverse and NFTs are new technologies that many people are not familiar with, but their impact will be greater as they converge on games. The stronger the new technology, the more we need to pay attention to the shadows it creates. Anyone can use technology without discrimination. The problem now, however, is that the lower people’s incomes, the less access they have to technology.

Lee also said “positive” things about the development of the Metaverse, NFT and the game industry, noting that the domestic game industry is expected to grow to $ 16.7 billion in the next year, Hanguk Jungkyung Shinmun reported.

While Lee declined to make any broader promises of regulatory change, membership of the Task Force is vital – as is the event. Several key players in the gaming industry took part and spoke clearly to the media about the future of P2E gaming.

While they also discussed creating a “oversight mechanism” for P2E titles, they also stated the need to “approach gaming as an industry in the future” and stated that “P2E should be approached as a business model for gaming companies”.

Meanwhile, Donga reports that the value of the “Korean” properties in the Earth 2 supermarket project has skyrocketed on both national and international platforms.

The media noted that South Korea’s virtual brick “earth” was worth just $ 0.10 a little over a year ago, but “more than a year later, the price of a brick in the Jongno area of ​​downtown Seoul increases”. to $ 12,207 “- a price increase of” more than 120,000 “.

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