South Korea’s game industry regulator has decided to revoke the rating of ‘Infinite Breakthrough Three Kingdoms’, the country’s first play-to-earn blockchain game, amid growing concerns that the game app may promote gambling and other speculative acts, according to sources on Sunday.

Prior to the monitoring by the Game Rating and Administration Committee, the number of daily active users of the game showed an explosive increase from about 3,000 on Nov. 28 to over 170,000 on Dec. 6, according to big data platform Mobile Index.

Market watchers say that the game has gained popularity for its `money-making` structure, where users are given virtual coins (Mudol Coins) for daily missions accomplished, which can be exchanged for KLAY listed on Bithumb, the native utility token of Klaytn blockchain developed by Ground X under the country’s internet giant Kakao.

Regulators are concerned that unverified P2E games can become a hotbed of speculation and fraud in a situation where game companies can control both game information and supply and demand of virtual assets.

But the gaming industry argues that innovation should not be blocked by regulations, saying deregulations are needed to catch the opportunity in the process of a rapid shift to P2E in the global game market.

By Hwang Soon-min and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]