Experts pointed out that the government should speed up the improvement of laws and systems in metaverse, irreplaceable tokens (NFT), and blockchain.

Wi Jung-hyun, chairman of the Korea Game Association, said at a policy debate on “The Future of Metabus, NFT, Blockchain and Digital Platform” held at the National Assembly Hall in Yeouido, Seoul, on the 26th, “It is important what system and legal measures the government should prepare now and remove negative aspects of the industry.”

Chairman Wi said, “Currently, virtual currency, NFT, and metaverse are turning off the bubble past the first stage, but the second stage, which will be developed from now on, can give Korea’s existing industries and IT as well as manufacturing, finance and services a major opportunity to evolve into a convergence platform.”

In the keynote presentation, he stressed that if the game “Second Life” was “Metabus 1.0,” the recently appeared metaverse platforms can be seen as “Metabus 2.0.” However, it was pointed out that the metaverse 2.0 services, like Second Life, did not solve the problem of the absence of a profit business model.

Currently, ‘game-type metaverse’ is the only successful model, and if this happens, metaverse will disappear as a digital asset platform, he said. “The separation of digital assets such as metaverse and NFT is starting.”

He pointed out that virtual currency also increased distrust in cryptocurrency issuers and the overall market after the Terra-Luna crisis. He diagnosed that the NFT bubble is also turning off, citing an example of MBC’s “Infinite Challenge” NFT that was eventually deleted from the exchange because it was not sold for six months.

However, Chairman Wi said, “The collapse of the bubble in the metaverse, cryptocurrency, and NFT market provides opportunities for new entrants as well as existing companies,” adding, “If so, it is time for law and institutional improvement on cryptocurrency, NFT, and metaverse for the second stage.”

Earlier, the government banned cyber game money transactions in 2012. In 2017, the Ministry of Trade, Industry and Energy announced a pilot project to build a virtual reality shopping mall, but failed to produce any results. Citing the previous case as a policy failure, Chairman Wi insisted that the government should prevent further policy confusion.

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