Lawsuit Sees Further Chinese Crypto TV Coverage

In an official announcement on Wednesday (KST), CeDeFi protocol NEOPIN revealed that it has signed a business agreement with Web3 consulting firm Catalyze Research and metaverse and AI tech company Futureverse to expand the global blockchain industry and discover promising Web3 projects. Strategic allianceThrough this business agreement, the three enterprises plan on working towards two main objectives: expanding the global blockchain business industry and Futureverse’s open metaverse ecosystem. To do so, they have vowed to onboard NEOPIN’s gaming business partners to the Futureverse ecosystem and create decentralized finance (DeFi) products for NEOPIN based on The Root Network. They will also host hackathons and joint campaigns in efforts to incubate and accelerate Web3 projects in South Korea. “South Korea is an intellectual property (IP) and blockchain powerhouse that serves as the backbone of the open metaverse that Futureverse is striving for. We look forward to bringing together various IPs such as games and content – including DeFi collaborations – with Futureverse’s powerful infrastructure to bring us one step closer to the open metaverse,” said Ben Ko, Co-Founder and CEO of Catalyze Research. Based in Seoul, Catalyze Research offers insights into the Web3 industry as well as consulting services like mapping and implementation of business strategies, marketing, research, due diligence and more.Photo by Shubham's Web3 on Unsplash“By working with NEOPIN, a leading DeFi company with an extensive network in South Korea, we will expand the Futureverse and The Root Network ecosystems and create an environment where users and developers can create an open metaverse together. This partnership will bring Futureverse to the forefront of the South Korean blockchain industry with NEOPIN and Catalyze’s experience, expertise, vision and insights into the Korean market,” added Futureverse CEO Aaron McDonald. Redefining gaming, blockchain and DeFiFutureverse is a developer of AI and metaverse technologies that elevate gaming experiences and enable open, scalable and interoperable applications. It is also home to one of the largest global NFT-based metaverse communities, which is being expanded through the layer 1 blockchain The Root Network. The company’s partners include globally renowned brands like FIFA, Warner Bros., Mastercard and Reebok. NEOPIN, on the other hand, has been a trustworthy node validator for multiple blockchains since 2018 with a 0% accident and slashing rate and a 99.99999% block generation rate. It has also been bringing new faces to the industry by securing, investing in and incubating numerous domestic and foreign firms. Backed by this experience, NEOPIN plans to introduce innovative DeFi products through the newest three-way partnership. “We will actively help various game and content service companies that have partnered with us to operate in the Futureverse ecosystem. Based on our trustworthiness and stability, we will contribute to leading the decentralized exchange (DEX) and DeFi services in Futureverse,” said Kim Yong-ki, CEO of NEOPIN.

Experts Discuss Korean Security Token MarketSince the Korean financial regulator released regulatory guidelines on security tokens in February, many have anticipated that the introduction of security tokens would transform the concept of investment and give rise to new market strategies based on blockchain technology.©Pexels/PixabayIndustry professionals have expressed their opinions on the matter in interviews with media outlets.Token issuance and distributionPark Hyo-jin, vice president at Sejong Telecom, in a recent interview with Korean media outlet Digital Today, expressed his disappointment about the Korean government’s decision to separate token issuance from token distribution. Sejong Telecom is the developer and operator of the blockchain-based real estate fractional investment platform Bbric.According to Park, the capital market law separates token issuance from token distribution in order to prevent conflicts of interest, as interested parties may attempt to control financial products according to their own preferences. However, things are different with security tokens, Park believes. With the help of blockchain technology, a mainnet can issue and distribute tokens without intermediaries.Higher investment limitsPark emphasized the importance of increasing investment limits and cited the small size of the Korea New Exchange (KONEX), a stock exchange for small enterprises, as a reason for its lack of activity. He added that higher caps would result in positive ripple effects.Regarding real estate security tokens, Park doesn’t expect more profitable products, but sees that more investment choices will be available. He is particularly interested in investment contract securities. One such example is renting a piece of land to farmers to distribute harvest profits.Connection with virtual assetsThe security token market will face limitations if it’s not connected with its virtual asset counterpart. He mentioned the need for a digital asset law to create an ecosystem that links security tokens with virtual assets.Meanwhile, in an interview with Economic Review, Lee Kun-ho, former CEO of KB Kookmin Bank, showed a somewhat pessimistic view about the Korean security token market while admitting its potential.Various uncertaintiesIn his opinion, while real estate holds potential as a security token investment, government policies may introduce uncertainties. Likewise, the markets for music and artwork are also subject to unpredictability. Consequently, security token strategies in these areas could encounter limitations.Lee also sees that some of the services don’t necessitate blockchain technology. It is unlikely that any clear winners will emerge in the short term; therefore, it is vital for the industry to approach this issue with prudence, he added.

The South Korean government has begun the process of selling its stake in NXC, the largest shareholder of Nexon, a video game company originally founded in South Korea and now headquartered in Japan. According to the Seoul Economic Daily, which cited industry sources, the Ministry of Economy and Finance began a public sale process on June 30 for its shares in NXC. These shares were received as payment for inheritance tax from the family of Nexon’s late founder, Kim Jung-ju. In February 2023, Kim’s widow, Yoo Jung-hyun—who also serves as chair of the board at NXC—along with other family members, transferred 851,968 NXC shares to the government to settle the inheritance tax liability.Photo by Kelly Sikkema on UnsplashEarlier failed sale attemptsThe government’s latest attempt to sell the shares follows two previous efforts that failed, primarily due to high asking prices at the time. The current estimated value of the shares stands at 4.7 trillion won (approximately $3.47 billion), reflecting a 20% premium over their net value due to the rights associated with company control. However, the shares are expected to sell at a lower price, since acquiring them would not lead to actual control of the company—Kim’s surviving family still holds a majority stake in NXC. Industry insiders view Chinese tech giant Tencent as a strong contender to purchase the shares. However, Tencent recently denied reports from last month that claimed it had approached Kim’s surviving family to discuss a possible acquisition of Nexon. The company had also expressed interest in acquiring Nexon back in 2019 but ultimately did not take part in the bidding process. According to Chosun Ilbo, a Tencent acquisition is being viewed as a possibility, as the Shenzhen-based firm continues efforts to secure overseas intellectual property. One industry source noted that Tencent tends to invest in Korean game developers every three to four years. The source also mentioned that Tencent had approached Korean venture capital analysts specializing in gaming last year to gather information for a potential acquisition shortlist. If Tencent were to purchase all of the government-held NXC shares, it would become the second-largest shareholder in the company. Given its ongoing investments in the Korean gaming sector, the source said it is likely Tencent will participate in the sale process organized by the government. Nexon’s blockchain pushNotably, Nexon has been expanding its presence in the cryptocurrency space. According to data from Bitcoin Treasuries, the company holds 1,717 Bitcoin (BTC), acquired at an average price of $58,226 per coin. Beyond its BTC investment, Nexon is actively exploring blockchain technology through its Web3 IP-expansion project, NEXPACE.  This initiative features the MapleStory Universe ecosystem, along with MapleStory N, a PC-based massively multiplayer online role-playing game (MMORPG) that incorporates blockchain technology. Both projects are powered by the NXPC token. MapleStory was originally developed by Wizet Studio in 2003 and became part of Nexon when the company acquired the studio the following year.