Connect with us

Blockchain

Inside South Korea’s wild plan to dominate the metaverse – Cointelegraph Magazine

Avatar

Published

on

“Many years ago, it was AI. Now, it’s metaverse,” he says. “From the government’s perspective, […] as long as you don’t have a coin itself, they’re willing to support a lot of these new technologies” — Doo Wan Nam from StableNode

South Korea: The land of the metaverse

If you had to pick the one country that’s most primed to take advantage of the opportunities offered by the metaverse, South Korea would be high on the list. 

It’s a technology-obsessed country that eagerly adopts new products, where 98% of people own a smart device and more than 10% of the population own at least some cryptocurrency. Despite being the 13th-largest economy in the world by GDP — and the 27th by population — it’s the fourth-largest gaming market in the world, with its 33 million gamers generating $8.3 billion in revenue for the sector in 2021.

Gaming is already a metaverse-style social activity. The most popular games are either cooperative or competitive, and the country dominates esports, with thousands packing stadiums to watch professional players battle it out. 

Advertisement
The Seoul Metaverse. (Source: Seoul Metropolitan Government)

“For [Australians], our entertainment on a day-to-day basis would be watching TV or watching a movie or whatever,” says Melbourne-based Zerocap analyst Nathan Lenga, who has researched South Korea’s metaverse plans.

“But 50% of people in Korea actually reported that their daily dose of entertainment was gaming. So, it’s really, really immersed and just integrated into their culture,” he says.

The metaverse and South Korea’s Digital New Deal

The South Korean government has an ambitious 58.2 trillion won ($44.6 billion) plan to transform its economy to embrace new technologies, called the “Digital New Deal.” Part of this package includes 223.7 billion won ($171.6 million) earmarked to help South Korea become ranked No. 5 among the most metaverse-adopted countries in the world by 2026 — up from its current place at No. 12. According to the Korea Herald, experts believe the domestic metaverse will be worth 400 trillion won ($306.5 billion) by then.

The money is being handed out as grants to universities and corporations working on metaverse technology and platforms — but they barely need any encouragement, as the country already accounts for almost one out of every five metaverse patent applications filed globally since 2016, second only to the United States. Local tech giants LG Electronics and Samsung lead in the number of filings.

Read also


Features
Advertisement

How the crypto workforce changed in the pandemic


Features

Gen Z and the NFT: Redefining Ownership for Digital Natives

And the metaverse sector is already well established. A report from the innovation advisory firm Mind the Bridge estimates that as of June 2022, South Korea’s metaverse sector had 109 “scaleups” — a fast-growing business with a profitable product — and up to 300 more metaverse startups. “Their scaleup density ratio is 3-4 times higher than the Silicon Valley and the UK (3% of total), Europe and Israel (2%) ones,” the report says, noting that scaleups had raised $10.6 billion toward building metaverse platforms.

The country’s metaverse plans were developed under the previous government, and current President Yoon Suk-Yeol cited 10 metaverse-related ambitions among his 110 “national tasks.”

Advertisement

Why is South Korea so keen on the sector? Because they see a big opportunity if they can get in early, with the government estimating it could create 1.5 million virtual jobs in the sector in the future. To get the ball rolling, it will train 40,000 students on the metaverse through higher education courses.

“That’s obviously going to have a significant impact on the wealth of the country and really stimulate their economy,” says Lenga on the target of 1.5 million jobs. “They’re trying to produce experts that will push the country to the top of the metaverse market and bring new developers into the country because of these programs and initiatives.”

How South Korea is leading in metaverse technology

Sangmin “Sam” Seo is a representative director of the Klaytn Foundation, the blockchain and metaverse offshoot of Korean internet giant Kakao.

He says there was a sea change in views on the metaverse after everybody was forced to work from home due to COVID-19 and interact in virtual worlds on Zoom and Google Meet.

“Just seeing other faces on your screen is not that fun, right?” he says. 

Advertisement

“So, we were trying to find a more interesting platform that can help people work and also provide fun and entertainment. And I think that’s why people were more excited about the metaverse, and why the metaverse became a new area for Koreans and the Korean government.”

To mark its third anniversary this year, Klaytn unveiled its “metaverse blockchain for all” plan to help develop AAA blockchain and play-to-earn games, NFTs, and DeFi services for metaverse businesses. It announced a $500 million grant scheme and is fine-tuning its blockchain for high scalability and low latency for a better metaverse experience. It also offers “metaverse as a service,” allowing other companies, publishers, creators and users to seamlessly plug into the metaverse.

In case you missed Magazine’s previous article on South Korea: South Korea’s unique and amazing crypto universe

Seonik Jeon, founder of Korean Blockchain Week, says that Klaytn’s internet giant parent company, Kakao, is giving 100% support to its metaverse offshoot.

“Kakao’s founder, Brian Kim, personally strongly believes that blockchain is the future of Kakao, and he’s putting most of his manpower — all the elite manpower — to Klaytn these days,” he tells Magazine.

A promotional picture for Ifland
A promotional picture for Ifland. (Source: SK Telecom)

“Right now, they are having some issues because they are changing a lot of stuff. But once the settlement is done, I think they will grow fast,” he says.

Local telecom company SK Telecom launched its own “social metaverse” platform called Ifland in mid-2021, and it already has 12.8 million users. It has plans for world domination, having launched in 49 more countries as of the end of November. 

Advertisement

What is the Seoul metaverse?

Even municipal governments are on board with the City of Seoul creating the first virtual public administration platform in the metaverse with its “Metaverse Seoul,” which is slated to open by the end of the year. Around 3,000 residents have already played around on the beta, visiting the virtual City Hall and playing games in Seoul Plaza.

The five-year plan will see residents able to attend a virtual campus of Seoul Open City University, lodge official complaints and apply for licenses. Visitors can take a virtual stroll through specific tourism content.

Time magazine named it one of the Best Inventions of 2022, and other Korean cities like Changwon and Seongnam have announced plans to replicate themselves virtually too. 

In September, the Israeli Embassy in South Korea opened a diplomatic mission in the metaverse that you can visit via an Android and iPhone app. When Magazine visited it recently, it was totally empty of people and content-free — a good reminder that unless metaverse platforms serve a purpose and can attract users, they are simply expensive 3D games that aren’t much fun.

Why did South Korea ban blockchain and play-to-earn games?

Korea has a very complicated relationship with gambling, and a study from the Korean Center on Gambling Problems suggests that the average South Korean is two to three times more likely to suffer from gambling addiction than someone of another other nationality (though it’s unclear why). Gambling, apart from lotteries and horse racing, has been banned.

Advertisement

So, while South Korea is big on the metaverse, it’s not that keen on incorporating cryptocurrencies. In December 2021, South Korea’s previous government banned the most obvious forerunner of the metaverse — play-to-earn blockchain games.

Time Magazine named Seoul Metaverse as one of the best inventions of the year
Time Magazine named Seoul Metaverse as one of the best inventions of the year. (Source: Seoul Metropolitan Government)

This threw a wrench into the works for local companies working on blockchain games and recalls previous concerns over video game addiction, which from 2011 to 2021 saw teenagers banned from playing online PC games after midnight as part of the Shutdown Law.  

Doo Wan Nam, co-founder of research and advisory firm StableNode, believes the P2E game ban is a sign of the power of the big traditional gaming companies, which lobbied to have the games outlawed.

“They saw their competitors going into play-to-earn, and they were able to gain literally millions of users. So, for them, it was like, ‘Is this fair?’ They have a lot of lobbying power because it’s a big industry.”
He notes that while lobbying is illegal, “people know there is lobbying, directly or indirectly.”

The future of the metaverse in South Korea

However, Jeon disagrees, saying that the top game companies in South Korea are already exploring blockchain-based games.

“All the major top-tier gaming companies are adopting blockchain right now and figuring out how they can make better play-to-earn games,” he says. “I think these gaming companies are preparing for the future.”

P2E games
P2E games released or in development by Korean developers. (Xangle)

Companies developing P2E games include Com2uS, Kakao Games, Neopin, Nexon and Krafton. Mobile gaming giant Netmarble, which earned $2.2 billion in 2021, has more than a dozen blockchain and metaverse titles, including Golden Bros, A3: Still Alive, Yokai Dual, Meta Football, Seven Deadly Sins: Origin, and many more. It launched its own MarbleX blockchain ecosystem on Klaytn and has a currency called Inetrium. One of its biggest titles is Everybody’s Marble: Metaworld, part of a franchise with a user base of 200 million. It’s a real-estate investing game where players buy land and develop properties in a metaverse world based on the real world.

Read also

Advertisement

Features

Sexual Violence in India: Blockchain’s Role in Empowering Survivors


Features

State of Play: India’s Cryptocurrency Industry Prepares For A Billion Users

Will South Korea lift the ban on blockchain games and P2E?

Arguably the most successful South Korean game company utilizing blockchain technology is WeMade. When Magazine catches up with its CEO, Henry Chang, in Seoul, he says he believes the ban will soon be lifted thanks to a more favorable approach from President Yoon. “I think the new government, the current government, will modify the laws according to the current situation,” he says.

Advertisement

“I expect it will be next year.”

Klaytn’s Seo agrees: “I believe that once they have enough use cases and enough good stories, […] the Korean government will think about their previous plan differently, and they might change their declaration.”

This has yet to happen, and the collapse of Terra, Celsius and FTX hasn’t really helped the case to ease regulations on anything related to crypto. However, officials from the Ministry of Science and ICT have indicated that they’re working on laws to regulate the metaverse that are separate from video game regulations. 

The Israel Korea metaverse was totally empty when Magazine visited
The Israel Korea metaverse was totally empty when Magazine visited. (Source: Andrew Fenton)

WeMade created the popular Legend of Mir series and claims that Mir 4, released in 2021, is the most successful blockchain game in the world. It enables players who’ve gotten far enough in the game to head down a virtual mine to gather metal to smelt into the cryptocurrency Draco.

“It became insanely popular,” says Lenga. “Since February of this year, they’ve had 650,000 average users.”

At the time of writing, there were 61,000 players online, with 5.4 million over the month. Sure, that’s small beer compared with the 253 million monthly users of Fortnite or the 172 million people playing Minecraft, but it’s very good for a blockchain game. Some of those users, however, are in Korea, where they’re playing a version without blockchain.

“I believe that blockchain games are games, and to make a blockchain game successful is very similar to a regular game,” Chang says of his approach with Mir 4.

“Games with blockchain can be more enjoyable than games without cryptocurrency. So, I believe that in three years, almost all games, conventional games, can be transformed into blockchain games.”

In June, WeMade launched Wemix3.0, a gaming platform it hopes will become the Steam of blockchain gaming, with DeFi services and its own stablecoin, WEMIX. Net profit grew 72% this year compared with 2021, and the future was looking bright. 

However, in late November, South Korea’s biggest exchanges delisted the WEMIX token over concerns about the accuracy of its supply figures, instantly wiping 70% off its market capitalization. The company is taking legal action, but this once again demonstrates that blockchain developers face significant risk.

Can the metaverse exist without cryptocurrency in South Korea?

Nam believes the metaverse is so appealing to the South Korean government because it harnesses the power of blockchain while being a few steps removed from cryptocurrency itself.

Advertisement

“Many years ago, it was AI. Now, it’s metaverse,” he says. “From the government’s perspective, […] as long as you don’t have a coin itself, they’re willing to support a lot of these new technologies.”

Shinamon Bank’s Metaverse platform
Shinamon Bank’s Metaverse platform. (Source: Shinhan Financial Group)

Unfortunately, that’s precisely the direction many of the South Korean metaverse platforms have taken so far.Ifland, Metaverse Seoul, the Israel–Korea Embassy — these are just 3D-world versions of the existing internet (although Ifland 2.0 will have cash-like points). You can tell how non-disruptive the metaverse is to the existing order because even the big Korean banks KEB Hana Bank and Shinhan Bank have metaverse branches.

Until users themselves are the ones building the metaverse, incentivized by digital ownership provided by NFTs, the current generation of metaverse platforms is really just a new lick of paint on the same old Big Tech-dominated Web2.

Read also


Features

Boston nurse fired for nudes on OnlyFans launches crypto porn app

Advertisement


Features

Decentralized social media: The next big thing in crypto?

Andrew Fenton

Based in Melbourne, Andrew Fenton is a journalist and editor covering cryptocurrency and blockchain. He has worked as a national entertainment writer for News Corp Australia, on SA Weekend as a film journalist, and at The Melbourne Weekly.



Source link

Advertisement

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Blockchain

BNT/USD is trading near the $0.50 resistance

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

Advertisement
BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

DYDX/USD could rise above $1.20

Avatar

Published

on

By

join us cable A channel to stay up to date on breaking news coverage

Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

Advertisement
DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

Advertisement

Dash 2 Trading
  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

Dash 2 Trading


join us cable A channel to stay up to date on breaking news coverage

Advertisement

Source link

Continue Reading

Blockchain

SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

Avatar

Published

on

By

Source link

Advertisement
Continue Reading
Advertisement

Trending