Kim Gyu-cheol, Game Chairman

▲ Game Management Committee Chairman Kim Gyu-cheol

Kim Gyu-cheol, chairman of the Game Management Committee, said on the 20th, “If there is speculation about NFT game products, it cannot be.”

On this day, a metaverse discussion was held at Busan G-Star hosted by Lee Sang-heon, a member of the Democratic Party of Korea. During the discussion, it was also discussed whether in-game NFTs (non-fungible tokens) and peer-to-peer (P2E) should be allowed. Some have suggested that it is inappropriate for government agencies to blindly block new technologies.

Chairman Kim Gyu-cheol, who attended as an audience, responded and revealed the committee’s position on NFT in the game. Chairman Kim Gyu-cheol said, “The claim that the Game Committee blocks new technologies such as blockchain and NFT is a misunderstanding. It is explained that what the Game Committee is blocking is speculation, not new technology.

▲ Chairman Kim watching the debate

Chairman Kim Gyu-cheol also corrected the misunderstandings of other lawmakers and institutions. Chairman Kim said that agencies under the Ministry of Culture, Sports and Tourism and some lawmakers also pointed out that the Game Committee prevented the distribution of new technology games. Chairman Kim made it clear that “if there is a ban on speculation in the current game law, NFT games are impossible.”

Chairman Kim Gyu-cheol cautions that the ‘NFT (Non-Fungible Token)’ that is currently trending in companies should be verified. He asked, “In the case of Mir 4, it is said that it is a blockchain-based NFT, is it really irreplaceable?” The explanation is that it is necessary to verify that the NFT currently serviced by the game company is really irreplaceable.

Chairman Kim Gyu-cheol said that he welcomed blockchain technology and NFTs except for the interpersonal transaction function. He commented, “It would be great if we could introduce blockchain to download games as we do on the Steam platform,” he said. He continued, “However, game companies are not going to introduce technology here,” he said. “Because there is no money, companies drive blockchain and NFT like the fashion, but we (Game Management Committee) cannot follow the corporate trend.” he emphasized.