- South Korean leadership has deviated from its plan on blockchain-based gaming.
- President Yoon Suk-Yeol has banned blockchain-based gaming in the domestic market.
- A professor of gamification Kim Jung-Tae said the gaming developers and industries are in shock.
The stance of South Korean leadership has changed their stance on blockchain-based gaming. Yoon Suk-Yeol, the president of South Korea, has decided against the ban on blockchain-based gaming in the domestic market. The officials want developers to focus on overseas markets.
Kim Jung-Tae, professor of gamification at Dongyang University, commenting on this development said that the president talked about P2E since going on-board in May. Jung-Tae said the gaming developers and industries are in shock. Adding, he said we had several blockchain game models four or five years before the success of Axie Infinity, a P2E game.
The professor at the end said that he is sure that the officials still perceive games/sports negatively. President Yoon promised he would remove the ban on the P2E gaming industry during his election campaign. Yoon also vowed to promote the gaming industry such as blockchain-based gaming titles. But in his final election Yoon did reconsider his promise.
As per a study conducted by Korea Creative Content Agency (KOCGA), the country’s population constitutes around 71% of the country’s population. While 11% of the country’s population visits a computer center called “PC bang” more than once a week. Jung-Tae clarified that he doesn’t want the leaders to give full freedom to the industry. However, institutional recognition can result in feasible P2E titles. Thus entering the domestic market.
Game developers in India started to approach blockchain P2E titles in 2017. Strict regulations against cryptocurrencies and blockchain technology pushed the industry back. A ban on initial coin offerings(ICO) is one such example.
Source: https://www.thecoinrepublic.com/2022/07/19/south-korean-president-change-of-plan-on-blockchain-based-gaming-had-developers-in-shock/