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Why is South Korea’s NFT adoption so high?

The inhabitants of the far eastern nation are rapidly adopting NFT use, and the country may soon be at the forefront of the blockchain sector again.

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South Korea’s image as a technical trailblazer and leader is swiftly spreading to the blockchain world, with nonfungible token (NFT) adoption skyrocketing in the small East Asian nation.

In the World Intellectual Property Organization’s Global Innovation Index, South Korea was ranked among the top ten countries in the world as of 2020. Tech titans such as Samsung and LG, as well as gaming developer Krafton, demonstrate this degree of innovation to global retail shoppers.

Those corporations, along with a slew of others, are now branching out into the NFT area, releasing new collections and establishing NFT-focused departments.

There could be a variety of motivations for the eagerness to introduce NFTs to retail customers and the broader public, beyond simply being a thank-you incentive for purchase. Alex Lim, the Korea-based KlayChicken NFT project’s Strategy Lead, suggested this proposal. “NFTs are all the rage, but many people don’t even know why,” he told Cointelegraph today.

“The NFT craze in South Korea is the result of a mix of emotions… I believe the day will come in the second half of the year when the entire South Korean NFT business will take a quantum leap.”

President-elect Yoon issued an NFT collection during his campaign, which supporters could mint to feel like they were a part of his cause.

Hoseo University in South Korea gave NFT diplomas to its 2,830 graduating students on March 18, going above and beyond participation. The university chose to issue NFTs in February, according to local news outlet Money Today, to improve accessibility and convenience for students as well as to avoid diploma counterfeiting.

Chung could be exaggerating the utility NFTs provide to market players. The Ministry of ICT, Science, and Future Planning announced last month that it will invest $187.7 million to assist the development of a national Metaverse. The new incentive will most likely help content providers.

Content creators appear to be benefiting from growing demand for their services in generating NFT designs for a variety of businesses. On the main job search website JobKorea, a simple search for NFT yields 753 unique job openings for content creators and business professionals.

In-game goods and characters, as well as emoticons for text messaging apps, have been the most frequent digital assets created by those producers. This familiarity with digital assets, according to Doo Wan Nam, co-founder of crypto investing firm Stablenode, is why Koreans have readily adopted NFTs. “Koreans are more receptive and understanding when it comes to NFT, another type of digital asset,” he told Cointelegraph today.

Because of the “potential and utility” of NFTs, content creators and enterprises, according to Lim, are now considering them in their business plans. Building a supporting network to boost brand power “has always been the unavoidable, yet challenging objective for each content creator,” he continued.

“NFTs have opened a new horizon for those who seek to materialize an ideal community where there is commitment, passion, and autonomy.”

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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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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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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