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Popular NFT Games Produced in South Korea have Been Prohibited in the Country

Despite the global growth in play-to-earn games, South Korea will continue to prohibit blockchain-based video games that reward cashable NFTs.

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MIR4, a play-to-earn game developed by WeMade in South Korea, is slowly gaining popularity. With over 80,000 concurrent players, it is currently the sixth most popular game on Steam, a cloud-based gaming platform.

However, game fans in MIR4’s home base are unable to play the game in its entirety. Due to a current restriction in South Korea, MIR4’s domestic version does not include play-to-earn components available on the global server. In addition, the chairwoman of Korea’s Game Rating and Administration Committee recently indicated that NFT games would continue to be prohibited.

Last Saturday, the committee’s chairman, Kim Gyu-cheol, participated in a debate at G-Star, an annual video game trade event. He emphasized that gambling and speculating are prohibited under video game legislation. “It’s a myth that the gaming committee opposes new technologies like blockchain and NFTs,” Kim explained. “Unlike other laws fostering culture, the game industry promotion act is designed to prohibit speculation.”

Because the Game Rating and Administration Committee is a public organization that respects existing gaming laws, Kim stated that it would not provide age ratings to NFT games for release unless the gaming law on speculation is changed.

The committee, however, will accept blockchain-based games that do not feature components of cashable and traded NFTs, according to Kim. “However, game creators will not adopt the technology since it will not generate revenue,” Kim explained.

So, why is South Korea’s gaming law so harsh when it comes to outlawing speculative behavior?

“The ‘Sea Story’ event approximately 15 years ago is the reason why Korea is so sensitive about speculative features in games,” said Kim Jeong-Tae, professor of game studies at Dongyang University, in an interview with Forkast.News.

Sea Story, which debuted in 2004 as a slot machine-style video arcade game, was allowed in South Korea, where gambling is strictly regulated. As a result, players receive gift vouchers rather than cash. This, however, resulted in the establishment of cashing stations near the arcade, where the winners could cash in their certificates. In addition, converting the gift card to cash was legal as long as it was done outside of the arcade. As a result, local gangs got associated with the game rooms, and many people lost their hard-earned money on Sea Story, leading to several suicides.

The Korea Media Rating Board lost its job rating for video games, and the Game Rating and Administration Committee was formed. Given the circumstances surrounding its establishment, it appears that the game committee has its motivations for prohibiting anything that would inspire speculation.

“However, it’s been 15 years,” said Kim, who believes the game committee should loosen up to promote the country’s gaming business better. “I believe that the gaming law should be partially changed to make [NFT] games more acceptable. “The regulatory sandbox,” as Kim put it, “allows firms a two- to three-year [regulatory] grace period while regulators apply a higher level of oversight to a problematic entity.”

NFT

Robinhood is developing a Web3 wallet in order to capitalize on the NFT hype

Following up on its crypto wallet, Robinhood has announced the launch of a new Web3 wallet with enhanced NFT features.

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Robinhood, a stock trading website, has announced intentions to launch a new digital Web3 wallet that would allow users to store and connect their NFTs to online marketplaces for the first time.

The company said in a news release on Tuesday that its new non-custodial “Robinhood 3” wallet will allow users to keep their own crypto keys, earn yield, and trade or swap crypto, including non-fungible tokens, without paying network fees. The corporation also stated that there will be no transaction commissions.

Vlad Tenev, co-founder and CEO of Robinhood, said the goal was to simplify the sometimes “clunky” and “cumbersome” architecture found in decentralized banking, Web3, and non-custodial wallets at Blockwork’s Permissionless event in West Palm Beach, Florida on Tuesday.

“There has to be a way to combine all of the security and privacy benefits of self-custody with the low-cost simplicity and mobile-first design that you’ve come to expect from TradFi products,” Tenev stated before showing a live audience a promotional film for Robinhood’s wallet.

The move is a huge step forward for Robinhood, which previously only permitted customers to buy and hold cryptoassets within their trading accounts. In February 2021, the app expressed interest in allowing transfers outside of its platform due to the growing popularity of cryptocurrency.

Robinhood eventually gave in to public pressure and created a beta version of their first digital wallet, which was first available to 1,000 clients in January. Following a long backlog, that number has risen to two million users.

Bitcoin, bitcoin cash, bitcoin SV, dogecoin, ether, ether classic, and litecoin are the only assets supported by that wallet at the moment.

“At Robinhood, we believe that cryptocurrency is more than just an asset class,” Tenev said in a statement. “With our web3 wallet, everyone will be able to hold their own keys and take use of all the benefits that the open financial system has to offer.”

While Tenev’s remark makes it plain that Robinhood’s stance on cryptocurrency has shifted in recent years, no explanation for the company’s two-pronged crypto wallet strategy was provided.

By the time of publication, Blockworks had attempted to contact Robinhood on the subject but had not received a response.

The app’s latest Web3 wallet will be offered to select clients on a waitlist who will join its Beta program early this summer, similar to the original run of its crypto wallet.

By the end of the year, Robinhood wants to make the product available to all of its consumers.

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To accelerate ecosystem growth, Fireblocks introduces Web3 Engine with developer tools

This set of tools is intended for developers working on DeFi, GameFi, and NFT products and services.

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Fireblocks, a digital assets custody platform, announced the debut of their new Web3 Engine to assist encourage the development of the Web3 ecosystem as the world moves closer to a decentralized future.

The dedicated Web3 engine contains a set of tools for developers to create goods and services in decentralized finance (DeFi), GameFi, and nonfungible currencies, the business revealed on Tuesday (NFT). For alternative asset managers and capital market participants, Fireblocks has opened up a world of decentralized programs (DApps), exchanges, NFT markets, and more.

“Web3 is the future,” Fireblocks CEO Michael Shaulov said, adding that “the Internet has already entered a new era.” According to Shaulov, in order for the Web3 ecosystem to continue to grow, the community must address a major issue: security.

Fireblocks’ new Web3 Engine, according to the announcement, makes it simple for developers to build DApps on top of Fireblocks’ tech stack or securely access the entire spectrum of current web3 apps. Web3 companies such as Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs use Fireblocks to secure themselves from human mistake and hackers.

Web3 has sparked a lot of interest in the sector, as evidenced by the rise in market capitalization of Web3 coins in recent years. It’s an ecosystem that everyone can access from anywhere at any time, with no restrictions or middlemen. Many large corporations have made considerable investments in Web3’s potential.

Google Cloud has formed an internal team focused to developing services for blockchain developers and Web3-based application operators. With Metaverse involvement and NFT enthusiasm, industry titans like Meta and Amazon have entered the market. Square Enix, the gaming behemoth, recently announced that it would spend heavily in Web3 gaming.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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