An announcement by South Korea’s Ministry of Culture, Sports and Tourism appeared to fulfill incoming President Yoon Suk-yeol’s pledge to bolster the metaverse ecosystem after saying it will adopt a non-fungible token (NFT) copyright policy.
Support the metaverse ecosystem
The South Korean government appeared to deliver on President-elect Yoon Suk-yeol’s campaign pledge after the Ministry of Culture, Sports and Tourism announced on April 12 that it would adopt an NFT copyright policy. . This copyright policy should help South Korea deal with the scourge of fake NFTs as well as support the metaverse ecosystem.
According to a report by Ajunews, Yoon Suk-yeol had during his election campaign promised to “nurture a new concept digital asset market through NFT activation.” In addition, the incoming president had said he would revitalize the token economy once he was elected.
Indeed, following the April 12 announcement, the South Korean government – through the Ministry of Culture, Sports and Tourism – unveiled an order for a “research service on human rights issues”. authors related to metaverse/NFT”. At the same time, the ministry is currently preparing for what the report calls “the selection of a company and the formal contract process”.
Solving NFT Copyright Problems
The Ajunews report said the ministry and the Presidential Transition Committee are currently assessing policies relating to NFTs.
“This is a stage where we continuously discuss the NFT policy with the buyout committee,” an unnamed ministry official explained.
The official added that the objective of these efforts is to ensure South Korea comes up with solutions to copyright problems that may result from the use of NFTs.
