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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

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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