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South Korean president suddenly changes plans for blockchain gaming

South Korean video game creators have been exploring blockchain P2E games as of 2017, but tight regulations have kept them at bay.

South Korea’s President abandons official plans for blockchain games. As per reports, Yoon Suk-Yeol, the president of South Korea, rejects easing the prohibition on blockchain games within the local market, pushing game creators to focus on markets outside of South Korea.

​​Kim Jung-Tae, a gaming teacher at the University of Dongyang, commented on this trend, saying that the president has never discussed P2E ever since entering office last May.

Furthermore, Jung-Tae claimed that the gaming industry and creators are dumbfounded. Five to six years just before the breakthrough of Axie Infinity, the P2E videogame, they developed numerous blockchain styles of games.

Leader Yoon campaigned on lifting the restriction upon the P2E video game business and regulating to boost the entertainment industry, including blockchain games. On the other hand, Yoon questioned his commitment in his latest election.

Adapting to the times

According to Korea Creative Content Agency research, about 71 percent of the nation’s people are indeed a player, and approximately 11 percent of attends a pc facility said “PC bang” well over once per week.

Moreover, Jung-Tae stated that, while he hardly recommends allowing the industry free rein, certain institutional legitimacy might aid in the sustainability of P2E games by accessing the local market.

South Korean developers began to consider blockchain P2E games since 2017; however, harsh rules opposing cryptocurrencies or blockchain, along with prohibiting digital currencies that would aid lesser studios in developing new games, stifled the business.

With how popular Axie Infinity was getting, everything appeared to improve. MIR4, an MMORPG produced with WeMade Co., a South Korean company, has consistently been among the best 20 titles internationally downloaded through Steam, a content distribution platform for computer games, since its debut back on August 2021.

However, with no indications of a softening in the statement, Korean game titans are stuck on a basic method.

A Netmarble spokesman informed that, in conjunction with expanding content and developing a viable token system, Korean gaming firms would gain strength through increasing worldwide relationships.

Ali Raza

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