As the first phase of a project named “Metaverse Seoul,” South Korea has unveiled a virtual duplicate of its capital city, Seoul, demonstrating its leadership in the adoption and integration of blockchain technology. According to South Korea, the project is allegedly the first publicly funded metaverse platform ever supported by a city.
A three-part project called Metaverse Seoul is slated to be finished in 2026, according to a press statement announcing it. As part of its initial phase, Metaverse Seoul will let users access a range of services, including getting proof of citizenship, tax advice, mentoring for young people, and a help centre for struggling enterprises, using their own unique avatars to navigate the platform.
The second stage, which is anticipated to launch in 2024, would increase the range of services offered by adding real estate advice and establishing connections between overseas investors and regional businesses. In order to manage the city’s infrastructure, the third stage will concentrate on integrating virtual and augmented reality technology. Additionally, blockchain technologies, including cryptocurrencies, are expected to be introduced.
Court rules against P2E game
A court in South Korea rejected the introduction of a blockchain-based play-to-earn (P2E) game after deciding that in-game non-fungible tokens (NFT) promote speculation, serving as proof that the nation also continues to be focused on the regulation side of the cryptocurrency business.
The game studio behind the NFT title Five Stars, SkyPeople of South Korea, filed an appeal to a previous decision, claiming that in-game people and objects created as NFTs are not prizes but rather proofs of ownership.
The Seoul Administrative Court rejected SkyPeople’s appeal of the Game Rating Administration Committee’s decision not to process the age rating for Five Stars because it did not share that point of view. To be made available to the general public in South Korea, all…
