South Korean regulators have effectively blocked the ability to release blockchain games using NFTs. The country has some of the strictest gambling laws in Asia. Cryptocurrency in South Korea is considered a form of speculative activity comparable to gambling.
The prohibitive rhetoric against crypto may well change under President-elect Yoon Seok Yeol, who is due to take office in May. Yoon pledged to develop domestic business related to crypto and NFT in South Korea. Meanwhile Neowiz announced that it will be releasing a game called Crypto Golf Impact on the Klaytn blockchain. The network is the brainchild of internet giant Kakao and its subsidiary Ground X.
South Korean companies are monitoring the success of P2E games, especially Axie InfinityI would like to do the same. Maeil Kyungjae reported that in addition to development Neowiz, other companies are also preparing to take a step towards crypto games. Neowiz developed their own token, and Com2Us (the developer of the Summon War series) teamed up with a crypto exchange FTX.
Netmarble, a mobile game development company in South Korea, has also expressed its willingness to issue its own token. A white paper for a token called MBX has been published. The company said it has also created a dedicated blockchain gaming subsidiary, adding that the token will be the currency gateway to the future blockchain ecosystem. Netmarble. By the way, the token will be based on the Klaytn blockchain, like Neowiz with their upcoming game Crypto Golf Impact.
Subscribe to our telegram channel and go to our main chat to discuss the latest news.