Korean Lawmakers Complete First Rough Draft of Virtual Asset User Protection Bill

Animoca Brands Partners With Yuga Labs on ‘Wreck League’ LaunchHong Kong’s Animoca Brands and its San Francisco-based subsidiary nWay, a developer and publisher of multiplayer games, have partnered with Yuga Labs, unveiling their latest creation: “Wreck League.”Photo by Haidan on UnsplashLeveraging Web3Diving into uncharted waters in the realm of esports, this game leverages Web3 technology to empower players with the ability to construct, possess, and engage in battles with their very own distinctive Mech fighters.“Wreck League” challenges the traditional boundaries of gaming by permitting enthusiasts to craft their fighters, engage in fierce competitions, and secure on-chain rewards. Set to debut its maiden season, the game will draw inspiration from the Web3 stalwart, Yuga Labs.The game boasts a dual-pronged design, encompassing both Web2 and Web3 versions. In a savvy maneuver to capture a wide-ranging audience, nWay has devised a marketing strategy that seamlessly integrates effective user acquisition techniques from their previous ventures while circumventing complex blockchain terminology.Clarifying the ingenious concept behind the game, Taehoon Kim, the CEO of nWay, explained: “Wreck League stands as a fusion of Web3 and Web2 concepts. Our mission revolves around unifying communities and players, tapping into the creative wellspring of the Web3 community to consistently elevate the game’s content.”Designed for player retentionWithin the player community, creators, owners, and participants converge to partake in league events. The crux of the game revolves around the assembly of high-performance Mechs, crafted from a collection of 10 distinct Mech Parts NFTs.Player retention is a cornerstone of its design, driven by an engaging trajectory of in-game progression through upgradable mech parts, enhancing gameplay dynamics, and embedding the notion of asset ownership. The more players invest in refining their assets and advancing through levels, the stronger their bond with the game becomes. Active participation in events and tournaments further reinforces player allegiance.Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, is optimistic regarding the transformative potential of “Wreck League” within the esports sector. Siu envisions the game, where digital asset ownership is the norm, as a harbinger of a monumental shift in competitive gaming dynamics.Expanding market reachFor Yuga’s part, the NFT and metaverse company is using gaming, through this particular partnership, as a mechanism to broaden the reach of its well-established NFT brand. That said, it has also made its own individual efforts in that regard recently. The Web3 studio, best known for having created the Bored Ape Yacht Club (BAYC) NFT collection, has released two games, Dookey Dash and Forge, independently.nWay and Animoca Brands get to benefit from access to Yuga’s well-known NFT collections through the partnership. The companies confirmed that as part of the gaming experience, gamers will be able to collect and take ownership of in-game digital assets in the form of NFTs.Animoca acquired nWay in December 2019 for $7.69 million. The games developer and publisher creates and distributes triple A games on console, PC, and mobile platforms. At the time of the acquisition Animoca Brands outlined that it foresaw nWay innovating in the area of blockchain-based games, with the intention of both companies working together relative to that endeavor.

GroundX to Bring NFT Activities to 2023 Seoul Light Hangang Bitseom FestivalGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, said Tuesday that it will host NFT-related activities at Seoul’s largest laser art festival, the 2023 Seoul Light Hangang Bitseom Festival, from October 6 to 15 in collaboration with the Seoul Metropolitan Government and other affiliates like LG Uplus and the Seoul Foundation for Arts and Culture.Photo by Wes Hicks on UnsplashMerging physical activity, learning, and artThe activities will fall under the theme of “3L”: Light Run, Laser Art, and Lecture. Light Run is a four-kilometer running course scheduled for October 6 and 14, for which GroundX will mint NFT certificates for participants who complete the course. The NFTs will contain information about the participant, as well as the date of the event and a record of completion. They will then automatically be sent to and stored in the participant’s Klip wallet, GroundX’s digital wallet service, and can be accessed at any time on the Klip app and KakaoTalk Wallet.GroundX said that it will also showcase digital artworks by eight artists, including Kim Duk-ki, Han Seung-ku, and Berry Kim. These works will be displayed on LED platforms installed at the Banpo and Ichon Hangang Parks.Kim Tae-keun, Head of Business at GroundX, is set to participate as a lecturer for the Bitseom Lecture segment on October 8, where he will discuss NFT art and the company’s vision for the media art industry. Bitseom Lecture is an outdoor art convergence lecture program that introduces immersive media artworks and technology in virtual reality (VR) and extended reality (XR).Bringing the NFT experience to Seoul“We hope that citizens visiting the Bitseom Festival will be able to get the real NFT experience through our media art displays, lectures, and running course completion certificates,” GroundX said. “We will continue to collaborate with various organizations and create NFT use cases through participation in offline festivals and events.”

The Dubai Court of First Instance in the United Arab Emirates (UAE) has notched up another milestone relative to the continuing rollout of the use of and legal status of cryptocurrency by recognizing crypto as a legitimate means of payment where salaries are concerned. The groundbreaking decision, which was revealed in the court via case number 1739 of 2024, gives confirmed legal recognition to the validity of crypto as a means of payment for salaries, which may be stipulated in an employment contract.Photo by David Rodrigo on UnsplashRuling reflecting a progressive approach to cryptoThe outcome hit the radar of a number of crypto-centric UAE-based lawyers, with Web3 lawyer Irina Heaver, a partner at NeosLegal, pointing out that the decision marks a shift from previous relevant case law in the UAE in 2023 when a similar set of circumstances led to crypto not being recognized for the purposes of salary payment. Commenting on the ruling of that previous case, she stated: “This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms.” Ecowatt (EWT) tokensIn this latest case, the circumstances revolved around a dispute whereby an employee claimed for unpaid salary, termination compensation and further benefits. The employee’s contract of employment outlined a payment in both fiat currency, alongside 5,250 Ecowatt (EWT) tokens.  Ecowatt is a renewable energy blockchain project which claims to serve a purpose in reducing carbon impact on a global basis through the tokenization of green energy. It was the failure of the employer to pay out the tokenized portion of the employee’s salary that led to the dispute and the subsequent lawsuit. The court ultimately sided with the employee, agreeing that the employer must fulfill its contractual obligation and pay out the remainder of the employee’s salary and benefits in Ecowatt tokens. The judgement stated: “As the respondent did not provide evidence of payment in EcoWatt tokens, the court orders the respondent to pay the claimant the value of her wages in EcoWatt tokens.” In weighing up this latest adjudication, Heaver concludes that the move is congruent with the progressive approach that is being taken to digital assets within the UAE. “This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy,” she stated. Mahmoud Abuwasel, partner at Wasel & Wasel, an international firm with a presence in Abu Dhabi, also noted the relevance of the ruling, posting on the matter on legal update database, Lexology.  Greater legal clarityLittle by little, greater clarity is emerging in jurisdictions worldwide with regard to the status of cryptocurrency and digital assets within the context of international legal systems. In 2023, a Chinese court recognized virtual assets as legal property, affirming the legal status of virtual assets as protected property under Chinese law.Earlier in 2023, the courts in the Chinese autonomous territory of Hong Kong determined cryptocurrency to be property “capable of being held in trust.” Not all decisions have been positive however, with a Singaporean court determining in April 2023 that crypto is not money, albeit that the judge did acknowledge that the matter would require a more detailed examination of evidence in another court.