Best P2E Games

South Korea Bans NFT Games – 2023

South Korea Bans NFT Games – 2023

Game Review 

NFT Video games in South Korea Facing Ban despite Popularity.

South Korea has one of the leading NFT based games in the industry, yet these video games are still banned in the country. MIR4 is a famous play-to-earn game developed by WeMade, a South Korean-based video game studio.

South Korea Bans NFT Games
South Korea Bans NFT Games

The game ranks in the top ten on Steam with more than 85000 concurrent players. However, the fan base and players of MIR4 in South Korea cannot experience the video game to its fullest.

The local version of the game does not include play-to-earn elements that are available in the international version of the game. The reason behind this is the ban that is in place by the South Korean authorities. The head of Korea’s Game Rating and Administration Committee has reiterated that the ban on NFT video games will continue.

Talking to the media, the chairman of the committee said that the video game laws restrict any game that involves speculation and gambling.

“It is a misconception that the game committee blocks new technology such as blockchain and NFT’s,” Kim said. “The game industry promotion act, unlike other laws promoting culture, is established to prevent speculation.” However, the chairman also showed a welcoming attitude for blockchain-based games if they do not contain elements of cashable and tradeable NFT’s.

The reason why South Korea is against the speculative elements is because of a 15-year-old incident of the game Sea Story. The game rewarded players with gift certificates but not cash.

South Korea Bans NFT Games
South Korea Bans NFT Games

However, the game led to cash centers outside arcades where players would turn in their certificates to grab cash. Later on, criminal gangs were involved in the arcade business and many people lost their hard-earned money on the game.

However, experts in the field say, “At a time when the metaverse is becoming a global trend, I think it’s time to put our heads together to reach a social consensus so that play-to-earn game models can settle in a more sophisticated way.”

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South Korea Bans NFT Games – 2023

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South Korea Bans NFT Games – 2023

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.