South Korea Asks Apple and Google To Stop Distribution Of Play-To-Earn Games

Bishal Kumar Chanda

South Korea was never a fan of play-to-earn games. The peninsular nation has now approached global app distributors like Google Play Store and Apple App Store for blocking local distribution. South Korean authorities claim that their issue is not with blockchain but their play-to-earn models. The problem arises because players can earn cryptocurrency to convert to fiat money. South Korea's Game Industry Promotion Act caps prizes won in games at 10,000 Korean Won (about $8.5). Crypto rewards from play-to-earn blockchain games can easily surpass this limit set by South Korea's Game Industry Promotion Act. 

South Korea's Game Management Committee (GMC) has reached out to all major app distributors to stop the local distribution of blockchain games. These actions have, in turn, riled up the play-to-earn community as they fight to keep the system open. Six out of South Korea's top 10 performing stocks are related to NFTs or the metaverse. One of the top-performing stocks belongs to WeMade, the parent company of the play-to-earn game MIR4. Preventing the local distribution of all blockchain games can significantly hamper these companies' growth. While the whole world is opening up to play-to-earn models, South Korea's actions can be a setback for the whole community.

There has indeed been an enormous boom in the play-to-earn community. Play-to-earn games such as Axie Infinity, The Sandbox, and more have billions of dollars in trades and millions of players worldwide. In this booming metaverse, South Korea is planning to curb the play-to-earn model and not blockchain gaming as a whole. In November 2021, the GMC chairman Kim Gu-cheol clarified the same. Chairman Kim Gu-cheol said it is a misconception that the GMC is against new technology and only wants to prevent speculation. Is it a good idea to curb blockchain games with the massively growing play-to-earn community worldwide?

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