NFT: A crazy success in South Korea

South Korea is one of the most advanced countries in terms of cryptocurrency and NFT. We can cite the $187 million investment project for an ecosystem project around the metaverse, or the statement by the new president of the republic of korea, wanting to make his country one of the major centers of cryptocurrencies. Well it is now the turn of NFTs to become the next fetish blockchain project in this country. Indeed Koreans seem to be adopting the use of NFTs exponentially. Since 2020, the country has been among the top ten countries in the world in the World Intellectual Property Organization’s Global Innovation Index. A level of innovation rated by tech giants such as Samsung and LG.

A tax reason

Why is the general public in Korea more inclined to purchase NFTs than elsewhere? Alex Lim, head of the NFT KlayChicken project said in an interview with Cointelegraph than “NFTs are all the rage but a lot of people don’t even know why.” This assertion, although amusing, is often true. But this craze could trigger a huge leap forward in the South Korean NFT sector. The most plausible reason remains the legal vagueness in which NFTs are immersed. Indeed, there is no tax on digital assets in South Korea.

A political use

A proposed tax has already been pushed back to 2023, but the recently elected president Yoon Suk-yeol could even push to delay the latter for another year, to 2024. Additionally, NFTs are not regulated as tightly as cryptocurrencies, although local financial regulators at the Financial Services Commission are working to the introduction of new rules on NFTs. Beyond the absence of a tax, the current president had already used NFTs to finance his campaign like his Democratic Party counterpart, Lee Jae-myung. A new use that adds to the long list of revolutionary applications of NFTs.

Widespread use

Besides this political application and the $187 million grant for the creation of a national metaverse that I mentioned earlier, Hoseo University also issued degrees in the form of NFTs to its 2830 students on March 18 in order to to improve accessibility and convenience for students and to prevent the falsification of diplomas. Another example that clearly proves this massive use: a job search on the JobKorea site, Korea’s employment center, displays 753 unique positions for a job related to NFTs.

Korea ranks as one of the most advanced countries in the NFT world, if not the first. Even if France has nothing to be ashamed of its performance, many countries are at the forefront of the international scene today (like the United States of course). Others, like India, have been experiencing dazzling growth in recent months.

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Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! And yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

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NFT: A crazy success in South Korea

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