The Seoul AI Innovation Tour 2024 comes to an end, sharing insights on digital finance

Lotte’s NFT marketplace partners with upcycling brand NiUl for membership NFTsLotte Data Communication, an affiliate of South Korean retail conglomerate Lotte Group, issued a press release on Wednesday (local time) to reveal that its NFT marketplace, Kottonseed, has issued new non-fungible tokens (NFTs) in partnership with upcycling brand NiUl whose name stands for “Nothing is Useless.”Photo by MSA-90 on PixabayPlastic lids to stylish keychainsNiUl recycles discarded plastic lids, transforming them into vibrant, stylish key ring pendants known as NiUl rings. NiUl has successfully sold over 2,000 pendants across a mix of online and offline platforms, with 300 kilograms of plastic lids donated by supporters. In a strategic move to broaden its reach, the company has been partnering with diverse firms and ramping up its donation initiatives, targeting environment and fashion-conscious millennials and Generation Z consumers.In their latest venture with Kottonseed, these pendants have been digitized into membership NFTs, which come with a suite of benefits like a special edition rope strap and discounts on products. Some lucky members may even get the opportunity to be involved in creating a NiUl ring. These membership NFTs are being released in limited numbers and are up for grabs starting today on NiUl’s page on Smart Store, an e-commerce platform of popular search engine Naver.NFTs in five colorsThe NFTs are offered in five distinct colors, each named after the sky’s varying appearances: “Post-rain Clear,” “Blue Sky,” “Sunset,” “Aurora” and “Night Sky.”A spokesperson for Lotte Data Communication expressed that the company sees great value in participating in upcycling initiatives with NiUl through their NFT marketplace, Kottonseed. They are keen on pursuing enjoyable and varied collaborations to support NiUl’s socially beneficial endeavors. Moreover, Lotte is actively exploring ways in which NFTs can contribute to environmental, social and governance (ESG) objectives.

WEMIX PLAY to Add Two New Blockchain Games to LineupSouth Korean gaming publisher Wemade said Monday that it has agreed to onboard two new sports games, Ballies and El Jefe Futbol, on its blockchain gaming platform WEMIX PLAY.Photo by ELLA DON on UnsplashThis is the latest development in Wemade’s continued efforts to expand its global partnerships in order to secure a diverse game lineup on WEMIX PLAY and diversify genres within its gaming portfolio.New Web3-enabled games for sports enthusiastsBallies, developed by Ballies LLC, is a blockchain-based, basketball-themed strategy card mobile game. It operates on an on-ramping lend-to-earn system as a Web2 game while incorporating the benefits of Web3 platforms. Users can engage in various blockchain-integrated content, such as lending avatars to other players or participating in tournaments to earn game tokens. The game recently wrapped up beta testing and will be released at the end of this month, according to an announcement on its official X (formerly Twitter) account.On the other hand, El Jefe Futbol is Studio 369’s new soccer strategy game set to launch on November 15. Players can create soccer teams, train players, and participate in various types of matches, including tournaments, league matches, and player-versus-player (PVP) games. They can also convert their athletes into non-fungible token (NFT) cards for trading.Once these games are released, users will have the opportunity to buy and sell NFTs from Ballies and El Jefe Futbol on the WEMIX PLAY marketplace.Opportunity for expansionKlemen Gradisar, Co-Founder of Ballies LLC, expressed his excitement to be a part of the WEMIX community, deeming the WEMIX PLAY onboarding a monumental step for the platform. Matt Candler, CEO of Studio 369, added that this will be an opportunity for Studio 369’s blockchain games to reach a wider audience. As a development studio with expertise in compatibility across various platforms and high-quality gameplay, he said that the studio is committed to providing top-notch gaming experiences.

India’s judiciary turns down plea to formulate a crypto regulatory frameworkThe Indian courts have declined a consideration targeting the establishment of a regulatory framework for cryptocurrency trading, following a plea which had been brought to court by a petitioner.Photo by Naveed Ahmed on UnsplashBeyond the court’s purviewIndia’s Supreme Court, led by Chief Justice Chandrachud, recently confronted a petition urging the establishment of a regulatory framework for cryptocurrency trading. According to a local media report, the bench, which included Justices JD Pardiwala and Manoj Misra, dismissed the plea, emphasizing that the demands presented were legislative and thus beyond the court’s direct action purview. This decision points to the judiciary’s recognition of its constraints in crafting laws, particularly in intricate domains like cryptocurrency.The petitioner, Manu Prashant Wig, a former director at Blue Fox Motion Picture Limited currently in custody due to allegations of cryptocurrency fraud, sought relief through a public interest litigation (PIL) for crypto trading regulations in India.The Economic Offence Wing (EOW) of the Delhi Police accused Wig in 2020 of deceiving investors with promises of high returns from crypto investments, involving 133 reported victims of the scheme. Despite this, during the hearing, the Supreme Court advised Wig to pursue legal remedies through appropriate channels, specifically for bail, underlining its inability to issue directives under Article 32 of the Constitution for legislative matters.Judiciary criticize governmentWhile the judiciary has found that it cannot act itself in putting in place a crypto regulatory framework, the Supreme Court has been critical of the government’s inaction on the matter. In July, India’s highest court criticized the Indian government for its failure to establish clear cryptocurrency regulations.Interestingly, while the government hasn’t acted locally, it has been making efforts to drive regulation at an international level instead. The status of cryptocurrency trading in India remains uncertain, with the country developing a regulatory framework influenced by recommendations from the International Monetary Fund (IMF) and the Financial Stability Board (FSB), potentially leading to legal legislation within the next several months.Prime Minister Modi called on authorities internationally to establish a worldwide regulatory framework. At the recent G20 summit, it appears that member states did reach agreement on such a framework.The Supreme Court’s dismissal of the PIL marks a clear distinction between judicial and legislative responsibilities. As India moves closer to formulating a comprehensive crypto regulatory framework, this decision reinforces the imperative for legislative action to address mounting concerns and interests in the crypto market.Awaiting legislative actionThe outcome of these developments is keenly awaited by investors, legal experts and the crypto community, poised to shape the future landscape of cryptocurrency trading in India. The decision signifies the judiciary’s acknowledgment of its limitations and highlights the necessity for a legislative approach to effectively navigate the intricate landscape of cryptocurrency regulation.In this evolving scenario, the verdict amplifies the importance of a well-defined regulatory framework. As the world’s most populous country grapples with the delicate task of balancing innovation and investor protection, the Supreme Court’s decision places the ball firmly in the legislative court.