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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.

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.

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.”

Reinout te Brake

In a career spanning across 20+ years, Reinout te Brake has raised over 100+ Million Euros in Fundraising for a diversity of companies and has worked with several venture capitals firms. Helping gaming companies expand their brand reach, get the right story telling and make an impact on a global scale. Reinout te Brake has had the honor to counsel some of the major gaming companies operating on a global scale. For the last 12 years, he has devoted his major focus towards the niche of gaming consultancy to provide his insight and expertise to help gaming companies reach outstanding financial and business results.