With P2E and NFT Champions at large in South Korea, it may be time for a political boost from the Metaverse

[CryptoMund]

https://cryptomund com/posts/With-P2E-and-NFT-Champions-at-large-in-South-Korea-it-may-be-time-for-a-political-boost-from-the-Metaverse-p237

With the next general election fast approaching, it's time to start paying attention. The South Korean government has released some interesting information about their plans for blockchain and cryptocurrency initiatives. If things go according to plan (and who knows what will happen), then this could be huge news in terms of both business opportunities as well Sally Islands' future prospects overseas.



South Korea has effectively banned P2E gaming due to the country's restrictive stance on cryptocurrency and NFTs. Axie Infinity, one of many popular games that can't be accessed in South Korea because it requires access from an app marketplace with no transparency about how they make money off users' transactions (which is usually done through ads), was recently asked by regulators not only remove these types if offers but also other “risky” ones like loot boxes - something else you won't find too easily anywhere else.



The Korean gaming industry has been struggling since the country's financial bubble burst. In order to compete with other countries, many firms have gone international and sacrificed their domestic marketplaces in favor of overseas ones - which is not great news for gamers there.



Lee Jae-myung, the Democratic Party nominee in this year’s presidential elections, has launched a new “gaming and metaverse" unit. He previously positioned himself as crypto friendly by leading an effort that successfully delayed tax on trading profits until 2023 when it was finally introduced after years of resistance from South Korea's finance ministry.



Lee has been speaking about the need to position South Korea at the forefront of crypto innovation in East Asia. Many people have accused him, correctly so it seems, of desperately trying attract favor among younger voters who are eager investors into this new technology-driven economic climate where traditional currencies will be replaced by something better yet unknown but potentially just as lucrative: cryptocurrencies like bitcoin or ethereum which already allow transactions without relying on third party interference such banks can charge hefty fees for even small amounts transferred international wirelessly.



Lee's successful positioning himself as the pro-business and industry 4.0 savvy candidate in what is essentially a two horse race between him, but there are other candidates too including Yoon Suk-yeol from People’s Power Party who could possibly take votes away from either one so it's important not to count out any potential contender.



Lee's lead has narrowed but he is still the favorite among most younger voters. Lee polled at almost 41% with Yoon on just over 39%. One interesting finding in this Realmeter poll was that younger generations seem to be shifting their support from Park toward him, indicating an emerging youth movement against Korea’s current president.



Lee Geun Woo, head of the Democratic Party's "Gaming and Metaverse Special Task Force" was quoted as stating that blockchain technologies are new but have an effect on people if they're used in conjunction with games. The problem now is how lower income earners can't afford them due to budget cuts so this may be discrimination against these groups who would most benefit from such advances like augmented reality glasses or virtual worlds where users earn cryptocurrency by completing tasks given out through advertisements within those digital realms.



Lee also spoke positively about metaverse, NFT and gaming industry developments during his meeting with Hanguk Jungkyung Shinmun. He noted that the domestic game market is expected to grow by USD 16 billion over this year's numbers- which will make it one of Korea’s top 5 largest economies in terms of revenue.



Lee refrained from making broader promises about regulatory change, but the membership of this “task force” is significant. A number of key figures from gaming industry were in attendance and spoke to media glowing terms for future P2E games billing themselves as such on their websites - one even claiming it will soon revolutionize how we think about real money gambling altogether.



They also spoke about creating a surveillance mechanism for P2E titles, but noted that it is important to approach gaming as an industry and not just individuals playing games on their own time. They argued this will help preserve revenue from microtransactions in future game releases because companies can sell things like skins or character upgrades with real money instead if users possess them already inside-game.



Meanwhile, Donga reported that the value of "South Korean" real estate in Earth 2 is starting to rocket on both domestic and international platforms.



This article is a testament to the power of cryptocurrency. A little over one year ago, it was worth just USD 0.10 in South Korea's virtual "land" tiles - but that all changed with time as they became more popular and valuable! Today you can find these same pieces selling for up around 12207 dollars each- an increase from what seems almost too far fetched at first glance.