South Korea Begins to Fulfill President Elect’s Pledge to Bolster the NFT Ecosystem

South Korea’s Ministry of Culture, Sports and Tourism made an announcement that fulfilled Yoon Suk-yel’s promise to strengthen the metaverse ecosystem. The Ministry had previously stated it would adopt a non-fungible token copyright policy.

Supporting the Metaverse Ecosystem

After the Ministry of Culture, Sports and Tourism announced that it would adopt an NFT copyright strategy on April 12, the South Korean government seemed to have fulfilled President-elect Yoon Suk yel’s campaign promise. This policy will help South Korea combat the menace of fake NFTs and support the metaverse.

Ajunews reports that Yoon Sukyel, during his campaign, promised to “nurture a brand new concept digital asset marketplace through NFT activation.” Additionally, the incoming president said he would revive the token economy after he was elected.

Indeed, following the April 12 announcement, South Korea’s government — via the Ministry of Culture, Sports and Tourism — unveiled an order for “metaverse/NFT-related copyright issues research service.” At the same time, the ministry is presently preparing for what the report called “the selection of a company and the formal contract process.”

NFT Copyright Problems Solved

According to Ajunews, the Presidential Transition Committee and the Ministry are currently reviewing policies related to NFTs.

Unnamed ministry official stated that “it is a stage in which we are continuously discussing NFT policy with takeover committee.”

According to the official, the goal of these efforts was to ensure that South Korea has solutions for copyright issues that could arise from the use NFTs.