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Candidate Jae-myung Lee, “Blockchain-NFT, fusion with games will have a bigger impact”

In order to respond to the growing importance of the game and metaverse industry ahead of the 20th presidential election, the Democratic Party’s presidential candidate Lee Jae-myung (special task force) held a ceremony at the National Assembly on the 10th.

The special task force will continue to take a leap forward for the Korean game industry, which has led the global game industry, and for the growth and development of the new convergence industry, Metaverse. Wii Jeong-hyeon, president of the Korean Game Society, and Park Ki-mok, president of Prismnet were appointed as co-chairs of the special task force.

In a letter, presidential candidate Lee Jae-myung of the Democratic Party of Korea said, “The size of the game industry exceeded 18 trillion won last year, and it is predicted that it will reach 20 trillion won this year. Due to the global pandemic, games and contents are firmly established as a means of leisure and culture for people around the world. However, it is regrettable that the vision of the game industry can be cut into sales.”

Rep. Noh Woong-rae of the Democratic Party of Korea read the congratulatory speech of Candidate Jae-myung Lee.

He continued, “The future of the game industry can be glimpsed from the appearance of the people who highly value the game industry. When new technologies such as block chain and NFT merge with games, the ripple effect will increase.” It is not only that, but it is necessary to pay attention to the shadow that can be cast behind it. The imbalance of power can lead to the problem of polarization among workers in the industry. It is a problem that technology should be available without discrimination, but the lower the income, the lower the access to the technology. Crime, copyright issues, and conflicts with real-world norms are also issues.”

Lastly, he drew attention by emphasizing, “The world is paying attention to K-content production technology. The government’s role is to protect game users and industry workers, and to prevent unfair practices and crimes.”

Co-Director Wii Jeong-hyeon talked about the necessary priorities before discussions on NFT and P2E games took place.

Song Young-gil, president of the Democratic Party of Korea, said, “Contents such as squid game and BTS have become famous names known to everyone in the world. It was the game that first pioneered the glory of the Korean Wave. Game contents announced Korea’s existence in the early 2000s.”

In addition, “game contents are creating an opportunity for development by combining with the metaverse. Korea, which suffered from the IMF crisis, has an image of a technology leading IT powerhouse since the 2000s, when it secured an image of a game content powerhouse. The world is looking at expanding digital territory. It is an invisible war in the world. Korean games and metaverses must also enter into this digital platform competition. If cultural art contents and new services are combined, an amazing opportunity will open up for us.”

He added, “Even new trading technologies ranging from blockchain and NFT have emerged and are seeking convergence. The Democratic Party of Korea will use the content crossover and convergence as a driving force for the game-related industry to take a leap forward.”

Park Ki-mok, co-leader, said, “Games are one of the few industries that were born in the private sector and developed as an industry and conquered the world. At the same time, it is a labor-intensive industry. Therefore, it is directly related to job creation. If there is appropriate policy support, there is a possibility of creating added value in the global market. I will try to come up with good policies.”

At the ceremony, co-leader Jeong-Hyeon Wi gave a presentation under the theme of ‘How to view NFT and P2E games’.

Co-Chief Wii said that we should be wary of rug pool as an unsettling factor in the P2E game market. Rug pull refers to a phenomenon in which a developer stops a project in the virtual asset ecosystem and disappears with an investment.

He also emphasized the need to distinguish between the NFT and P2E concepts, and argued that the next government needs to take time to discuss this.

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At the same time, he said that some prerequisites are necessary for such a discussion to take place ▲ Realization of complete free-to-play by prohibiting the sale of in-game characters or random items ▲ Prohibition of youth entry into the P2E market ▲ Maintaining stable economy and virtual currency in the game ▲The development of a new global IP for games ▲The structure of game companies sharing profits with users was mentioned.

In addition, Co-Director Wii Jeong-hyeon added, “If it is difficult to meet these conditions, legal review is possible only after accumulating experience through the release and testing of P2E games, centered on overseas markets, like now.”

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