The South Korean metaverse or crypto gaming projects could see a huge boost in the coming weeks – provided that the results of the next general elections go their way and that politicians keep their promises.
The government’s strict stance on crypto tokens and non-fungible tokens has prevented South Korean gaming giants from accessing the play-to earn ( P2E ) market. Titles such as Axie Infinity are not easily accessible in the country. The gaming regulator recently announced that it would ask app marketplaces to remove these titles.
This has often led to South Korean gaming companies moving overseas with their blockchain releases, which is often at the expense the local gaming industry.
In what could be a significant development, Lee Jaemyung, the Democratic Party nominee for the nation’s presidential election, has set up a “gaming-and metaverse” unit in advance of the March vote. Lee Jae-myung, a cryptofriendly candidate has led a parliamentary movement which successfully delayed the introduction tax on trading profits to 2023.
Since then, he has spoken out about the importance of South Korea being at the forefront in East Asia’s crypto innovation. Many believe Lee is trying to win favor with younger voters who are increasingly interested in crypto investing.
Lee appears to be positioned as the pro-business candidate and industry 4.0-savvy candidate. This is essentially a race between Yoon Suk-yeol, People’s Power Party candidate.
Early evidence suggests that this stance is somewhat successful. Despite trailing Yoon late last year in opinion polls, a realmeter poll last week revealed that Lee is now the frontrunner with a narrow margin and is winning support from younger voters. Lee polled at 41%, with Yoon just 39%. Lee polled better than Yoon in all age groups except for the 60+ demographic, according to the firm .
Lee was quoted saying:
“Blockchain and the metaverse, NFTs, and Blockchain are all new technologies that not many people are familiar with. However, their ripple effect will be more if they combine with games. We need to be more aware of the shadows it casts, no matter how powerful the technology. Technology should be accessible to everyone without discrimination. The problem is that technology is less accessible to the poorer the population.
Lee spoke also in positive terms about metaverse, NFT and developments in the gaming industry and noted that the US gaming industry was expected to grow to USD 16.7bn in the next year, Hanguk Jungkyung Shinmun.
Lee did not make any promises regarding regulatory changes, but the presence of the task force was significant. Numerous key figures in the gaming industry attended the event and spoke glowingly about the future prospects of P2E gaming.
They also discussed the creation of a surveillance mechanism for P2E titles. However, they explained that there was also a need for “approach gaming to be a future sector” and stated that “P2E should not be viewed as a business model for gaming businesses.”
Donga reports that the value “South Korean” real property in the metaverse project HTML2 is exploding on both national and international platforms.