WeMade CEO Henry Chang
Play-to-earn (P2E) should be permitted in South Korea through regulatory sandbox or exemption so that Korean publishers do not fall behind in global competition amid rapid employment of the business model to engage gamers and blockchain technologies, according to the CEO of WeMade Co., the creator of Legend of Mir series.
“Local laws prohibit any form of in-game assets coming out to the real world by finding the practice similar to gambling. But P2E should at least be permitted through a regulatory sandbox policy,” said Henry Chang in an interview with Maeil Business Newspaper.
“The global game scene is rapidly shifting from the play-to-win (P2W) structure to P2E, and it is important to secure the leadership,” he said.
Engagement of gamers by rewarding them with in-game assets is banned in Korea in fear of negative impact. Chang is the first among game entrepreneurs to call for deregulation.
MIR4. [Source: WeMade Co.]
Current game rules in Korea hinder import of new technologies and business, he claimed, calling for a change in the definition of “gambling risk” about games.
Since coming to a social consensus would require lengthy process, he suggested regulatory sandbox – or temporary state grant to test out new innovation and business.
Although P2E blockchain-based MIR4 is available in 170 nations, it cannot be released in Korea and China due to regulation.
The P2E program of WeMade allows open platform through tokenization of WEMIX coins. The price of WEMIX has jumped 100 times from a year ago period. Chang aspires to list the coin in 50 major exchanges across the globe.
The Korean game authority does not license rating on a P2E game.
By Hwang Soon-min and Hye-Seung Seo
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]