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

An announcement by South Korea’s Ministry of Culture, Sports and Tourism appeared to fulfill incoming President Yoon Suk-yeol’s pledge to bolster the metaverse ecosystem after saying it will adopt a non-fungible token (NFT) copyright policy.

Supporting the Metaverse Ecosystem

The South Korean government appeared to fulfill president-elect Yoon Suk-yeol’s campaign pledge after the Ministry of Culture, Sports and Tourism announced on April 12 that it will adopt an NFT copyright policy. This copyright policy is expected to help South Korea deal with the scourge of fake NFTs as well as to support the metaverse ecosystem.

According to a report by Ajunews, Yoon Suk-yeol had during his election campaign promised to “nurture a new concept digital asset market through NFT activation.” In addition, the incoming president had said he would revitalize the token economy once 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.”

Solving NFT Copyright Problems

The Ajunews report said the ministry and the Presidential Transition Committee are currently assessing policies relating to NFTs.

“It is a stage where we are continuously discussing the NFT policy with the takeover committee,” explained an unnamed official from the ministry.

The official added that the objective of these efforts is to ensure South Korea comes up with solutions to copyright problems that may result from the use of NFTs.