NFTs In South Korea: Why Is It Growing By Leaps and Bounds?

South Korea is a country very much inclined toward the concept of Non-Fungible Tokens (NFTs).

People are said to adopt the NFT utilization rapidly, and the growth of the NFTs trend is by leaps and bounds.

There is a lack of taxation over the virtual assets there, and the crypto tax has been delayed for the next year or so.

South Korea is taking up a step ahead in technological research as it now explores the blockchain space as the adoption of Non-Fungible Tokens (NFTs) reaches a peak in the small East Asian country.

South Korea was among the top 10 countries in the global innovation index by the World Intellectual Property Organisation as of the year 2020.

Growing Opportunities For The Entities

South Korean companies like Samsung, LG, etc., have also been exploring the NFT space as they drop new collections to their users and customers and further launch their divisions completely dedicated to NFTs.

According to Alex Lim, the Strategy Lead at the Korea-based KlayChicken NFT project, who told a news website that the NFT hype in the country comes from a mixture of sentiments, and he believes that in the second half of the year, the time will come when the entire South Korean NFT industry makes a quantum leap.

A reason that can be connected to this NFT trend in South Korea might be the lack of taxation on the virtual assets there, as the crypto tax has been delayed for the next year or so.

NFTs being a yet new emerging concept, do not face as much scrutiny as the crypto industry does. But local financial regulators at the Financial Services Commission (FSC) are in the process of bringing out NFT rules and regulations.

President-elect Yoon Seok-yeol, while campaigning, issued an NFT collection which the followers can mint to feel a sense of belongingness to his cause. Furthermore, South Korea’s Hoseo University also issued diplomas to graduating students in NFP recently in Mid March.

New opportunities are constantly emerging for the NFT creators and artists in the country as last month, the Ministry of ICT, Science and Future Planning vowed to facilitate the growth of a national Metaverse with a grant of $187.7 million. And it might prove as a stepping stone for the content creators.

The Non-Fungible Tokens (NFTs) industry is growing and gaining massive attraction worldwide now. The concept is being broadly integrated into a range of industries now.