The Ministry of Culture, Sports and Tourism of South Korea announced on April 12 that it would start developing a copyright policy for NFTs. The announcement confirms that President-elect Yoon Seok-yeol’s campaign promises to strengthen the NFT ecosystem are starting to come true. The developed copyright policy is expected to help in the fight against counterfeit NFTs , as well as support the metaverse ecosystem.
According to a report by Ajunews, a news outlet focused on business news, Yoon Seok Yeol promised during his campaign to “nurture a new concept of the digital asset market through the revitalization of NFTs.” He also added that he will revive the token economy after his election.
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He began to fulfill his promises recently , turning to the Ministry of Culture, Sports and Tourism, which announced an order for “services to research copyright issues related to the metaverse / NFT.” At the same time, the ministry is now preparing for what the report calls “company selection and a formal contracting process.”
The Ajunews report states that the ministry and the Presidential Transitional Committee are currently evaluating policies regarding the NFT.
“This is the stage where we are constantly discussing NFT policy with the takeover committee,” one ministry official explained.
The official added that the purpose of these efforts is for South Korea to find solutions to copyright issues that may result from the use of NFTs.
It is worth noting that after the election of the new president of South Korea, many companies and institutions also began to actively advance in the NFT space and the metaverse, exploring their capabilities and creating new products. For example, one university in South Korea this year gave its graduates diplomas in the form of NFTs to avoid fakes (unfortunately, the culture of document forgery is widespread in the country), and tech giants are introducing NFTs into their products . For example, Samsung has entered into a deal with the Nifty Gateway marketplace to make it easier for its customers to view and purchase NFT artwork.
In addition to all of the above, South Korea is actively looking for ways to strengthen the security of the NFT ecosystem , as the country has previously been repeatedly hacked by its neighbors, North Korea. According to the US FBI, the latter was behind the largest hack in the history of the crypto industry – the Ronin blockchain.
