South Korea joins the new non-fungible token (NFT) technologies.

The South Korean market could grow considerably by 2022.

South Korea’s reputation as a trending country and a leader in tech research is spilling over into blockchain technology as adoption of non-fungible tokens (NFTs) has skyrocketed in the small East Asian country.

In recent years, South Korea has gone from being a country where adherence to this new era of NFTs was not notable, to being one of the top ten countries in new and emerging technologies. According to the latest news, the Asian powerhouse has become one of the main users of the NFT sector.

According to the «Cointelegraph» news portal, since 2020, South Korea has been among the top 10 countries in the world in the Global Innovation Index of the World Intellectual Property Organization.

This surge in innovation is being driven by two major powers, the electronics giant Samsung and its counterpart LG. Not to mention the great boost, which the country has also experienced from Krafton, one of the most famous game creators in the world.

Incentive to Society.

South Korea’s Hoseo University, which issued diplomas in the form of NFTs to its 2,830 graduating students on March 18. Local media outlet Money Today reported in February that the university had decided to issue NFTs to improve accessibility and convenience for students and to prevent counterfeiting of common diplomas.

On the other hand, there is the decision made by the Ministry of ICT, Science and Future Planning, which last February pledged to support the growth and development of a national metaverse with a grant of USD 187.7 million.

Another important boost to highlight was the issuance of non-fungible tokens (NFT) by Yoon Seok-yeol, president-elect of the country during his electoral campaign, further publicizing the country’s acceptance of the new technology. and the metaverse.

Restrictions on the NFT market

One reason that may contribute to this abysmal leap is the lack of a tax on digital assets in South Korea. The tax on cryptocurrencies has been delayed until 2023, but president-elect Yoon Seok-yeol and cryptocurrency expert could push to delay that tax for another year, until 2024.

Additionally, NFTs are not subject to the rigorous scrutiny that cryptocurrencies face around the world, making it easier to trade globally.

Although the local financial regulators of the Financial Services Commission (FSC) are working to introduce new rules on NFTs, however to date there is no law regulating them.

That is why Koreans are more open when it comes to NFT and have been adding it as a digital asset, as long as there is no law or a tax must be paid for each transaction that is made for the sale of NFT, it is expected that for end of 2022 the adoption by the Asian country is much higher.