This past year saw the rapid emergence of NFTs, which has been a particularly prominent topic within the game industry, and there has been a surge of popularity of games that apply blockchain technology, including ″Axie Infinity″ (a game released by a Vietnamese game company, Sky Mavis), and ″Mir 4″ (a game released by a Korean game company, Wemade).
However, there is a lack of legal and regulatory clarity on NFTs, and as a result, a debate is ongoing in Korea on whether blockchain games, which allow users to acquire NFTs and/or virtual assets, are legally permissible. Notably, the Game Rating and Administration Committee (the ″GRAC″) has recently revoked the rating of, and refused to further review and rate, ″Five Stars for Klaytn″ and other similar games that allow NFT minting of game items. In fact, there is an ongoing administrative litigation over such revocation/refusal by the GRAC to rate ″Five Stars for Klaytn.″
Given this backdrop, we have prepared this newsletter to provide an overview of some of the most significant legal issues surrounding blockchain games in Korea. Please refer to the attachment for further details.
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