© Reuters Metaverse, NFT and Games to Win could gain political momentum in Korea
South Korean cryptocurrency games and metaverse projects could get a big boost in the coming weeks – if the results of the upcoming general election pan out and politicians deliver on their promises.
As reported, South Korean gaming giants have been virtually frozen in the P2E market due to the government’s restrictive stance on crypto and non-fungible tokens (NFTs). Titles such as these may not be readily available in the country, and the gaming regulator recently said it would ask app markets to remove P2E titles.
In many cases, this has forced South Korean gaming companies to enter overseas markets with their blockchain releases at the expense of the local gaming industry.
But in what could be a major development, Lee Jae Myung, the Democratic nominee in the country’s presidential election, launched a “Games and Metaverses” division ahead of the March vote. Lee has already positioned himself as a cryptocurrency-friendly candidate, leading a parliamentary movement that successfully delayed the introduction of a business income tax until 2023.
He has since gone even further, talking about the need to position South Korea at the forefront of cryptocurrency innovation. in East Asia. Many have accused Lee of desperately trying to cater to young voters, among whom there is a growing number of investors interested in cryptocurrencies.
Regardless, Lee now appears to be successfully positioning himself as a pro-Business and Industry 4.0 candidate in what is essentially a two-horse race between him and People Power Party candidate Yoon Seok Yeol.
Preliminary data suggests that this stance has proven somewhat successful: despite trailing Yun in the polls late last year, last week’s Realmeter poll showed Lee is now the favorite by a narrow margin and is now gaining support. younger voters. Lee scored nearly 41% and Yoon just over 39%. According to the company, Lee also outperformed Yun in all age groups except 60+.
At the launch event for the “Democratic Task Force on Games and the Metaverse”, Lee said:
“Blockchain, metaverse and NFT are new technologies that many people are not yet familiar with, but their ripple effect will be stronger if they are combined with games. The more powerful the new technology, the more we need to pay attention to the shadows it casts. Everyone should be able to use technology without discrimination. However, the problem now is that the lower the income of people, the less accessible the technology is.”
Lee also spoke “positively” about the development of the metaverse, NFTs, and the gaming industry, and pointed out that the domestic gaming industry is expected to grow to $16.7 billion next year, according to Hanguk Jungkyung Shinmun.
While Lee has refrained from making broader promises of regulatory changes, participation in the “task force” is significant, as is the event itself. Several leading figures from the gaming industry were in attendance and spoke brilliantly to the media about the future of P2E gaming.
While they also talked about creating an “oversight mechanism” for P2E games, they also explained that games need to be “approached as the industry of the future” and noted that “P2E should be approached as a business model” for gaming companies. .
Meanwhile, Donga revealed that the value of “South Korean” property in the Metaverse 2 project is starting to skyrocket on domestic and international platforms.
The media pointed out that while a little over a year ago, South Korea’s virtual land was only worth $0.10, “A little over a year later, the price of land in the Jongno area went up. [centro de Seul] reached $12,207.” – price increase “more than x 120,000”.
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