After announcing that it would adopt a Non-Fungible Token (NFT) copyright policy, South Korea’s Ministry of Culture, Sports, and Tourism appeared to be fulfilling incoming President Yoon Suk-commitment yeol’s to support the metaverse ecosystem.
Meeting the Needs of the Metaverse Ecosystem
President-elect Yoon Suk-campaign yeol’s promise looked to be fulfilled when the Ministry of Culture, Sports, and Tourism declared on April 12 that it will adopt an NFT copyright policy. This copyright policy is expected to assist South Korea in combating the problem of counterfeit NFTs while also supporting the metaverse ecosystem.
Yoon Suk-yeol promised to “nurture a new concept digital asset market through NFT activation” during his election campaign. Furthermore, once elected, the incoming president stated that he will revive the token economy.
The Ministry of Culture, Sports, and Tourism of South Korea has issued an order for “metaverse/NFT-related copyright concerns study service.” At the same time, the ministry is preparing for “the selection of a company and the formal contract process,”
Identifying and Resolving NFT Copyright Issues
NFT policies are now being evaluated by the ministry and the Presidential Transition Committee.
We’re at a point where we’re constantly reviewing the NFT policy with the takeover committee, said an unnamed ministry official.
The goal of these efforts is for South Korea to come up with answers to copyright issues that may arise as a result of the use of NFTs.
Also Read: The NFT Task Force has Requested that the Japanese Govt. Consider Hiring a Web3 Minister
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