Despite the fact that “play to earn” games, which are seen as a way to earn an income in the Asian region with the coronavirus pandemic all over the world, are prohibited in South Korea, two games from the country’s two companies achieved the worldwide leadership.
Netmarble’s “Second Country: Cross World” game and WeMade’s “Mir 4” games took the 1st and 2nd places among P2E games globally, respectively.
The reason is speculation…
The law, now known as the Game Industry Act in South Korea, prohibits gaming companies from offering rewards that would allow their users to act in a “speculative manner”. In short, issuing tokens that can be converted into money is prohibited in the country.
Five Stars was banned by court order
In fact, a court recently banned the development of the game Five Stars. The reason for this was the NFTs given to the users in the game. Although SkyPeople, the developer of the game, argued that distributed NFTs should be seen as ownership rights, not rewards, the court ruled against it and banned the game. Mahmeke said, “If NFTs are traded on an exchange, they cannot be seen as just game lessons.”
South Korean President Yoon Suk-yeol promised to lift the P2E ban during his election campaign last year.
