OKX Ventures invests in Web3 infrastructure startup

Metaverse Expo 2023 in Seoul: Exploring the Future of the 3D InternetThe Metaverse Expo 2023 is scheduled to be held at the COEX, an exhibition and convention venue in Seoul, from June 14 to 16, according to a press release. With its focus on the future of the three-dimensional Internet, this event seeks to attract metaverse enthusiasts eager to explore cutting-edge technologies. This year, the “Metaverse + Generative AI Summit” will run alongside the expo, showcasing the diverse applications of generative AI in enhancing efficiency within the metaverse.Photo by julien Tromeur on UnsplashKorea’s strategy for metaverse promotionIn February last year, the Korean Ministry of Science and ICT revealed a metaverse promotion strategy involving a comprehensive support plan of 237 billion KRW ($179.6 million). This initiative seeks to cultivate an augmented reality ecosystem by developing metaverse platforms, fostering metaverse companies, and aiding their international expansion.The expo will host exhibits centered around four key topics: metanomics, digital twins, education, and NFTs. Attendees will explore innovative business models, learn about the replication of physical objects in the virtual realm, discover the potential of the metaverse in reshaping educational approaches, and understand the role of non-fungible tokens in establishing digital ownership.Side events to support businessesIn addition to the main exhibits, the expo will host various side events such as export and investment counseling sessions, new product presentations, and seminars. In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA), a consultation program will be offered to encourage overseas buyers to engage with Korean companies. This program aims to support Korean businesses in promoting their products and services overseas, as well as connecting them with new buyers and investors who can contribute to their growth and expansion.Previously known as the Seoul VR-AR Expo, this event has been an annual feature since 2018, with VR representing virtual reality and AR representing augmented reality. In line with evolving industry trends, the event was rebranded to the “Metaverse Expo” in 2022. This year’s event will mark its sixth running, further cementing its role as a beacon for developments in the rapidly advancing metaverse landscape.

Korean Prosecutors Say Do Kwon and His Colleagues Knew Terra Was Unviable from the BeginningKorean prosecutors claimed that Terraform Labs founder Do Kwon and the key members behind the Terra-LUNA crash were aware of the project’s unviability from the beginning, according to a file issued by the Seoul Southern District Court.©Terraform LabsTerraform Labs founders misleading Korean investorsTerraform Labs founders Do Kwon and Daniel Shin attracted 280,000 investors in Korea alone, claiming that the Terra stablecoin is a means of transaction, even though the company leaders had been notified by the financial authority that Terra-accepting businesses were impermissible. It is reported that during a search and seizure of the company, Korean prosecutors collected evidence that its employees shared such knowledge on their internal messaging system.Terra’s cross trading on crypto exchangesKnowing their cryptocurrency’s unviability, Terra executives registered its sister token LUNA for listing on major Korean crypto exchanges in May 2019. According to the Korean prosecution, they used a bot to create a trade volume of more than 800 million won in three domestic crypto exchanges by cross trading between 2019 and early last year.Cross trading is illegal in the stock market, as it is considered as an act of price manipulation, but LUNA was traded in crypto exchanges and it hasn’t been determined whether their token is a security or not. Under current Korean law, the court has to accept it as a security to punish those behind the Terra collapse.Shin’s denial of allegationsMeanwhile, Daniel Shin denied the prosecution’s allegations and argued that they had never received such a notice from the financial regulator.

Nexon Korea Intensifies its Blockchain Focus with Nexon UniverseSouth Korean gaming giant Nexon Korea is moving its dedicated blockchain division to its recently renamed subsidiary, Nexon Universe. According to local news outlet Newsis, this subsidiary, initially known as Nexon Block and founded last year, will welcome approximately 80 employees from the parent company’s blockchain group. The leader at the helm of Nexon Universe will be Kang Dae-hyun, who serves as the Chief Operating Officer (COO) at Nexon Korea.Photo by Shubham Dhage on UnsplashNFT-powered MapleStory UniverseNexon Korea’s blockchain division has so far been overseeing the MapleStory Universe project, an NFT-powered ecosystem that utilizes MapleStory’s intellectual property.The objective of MapleStory Universe is to establish an environment that facilitates the seamless movement of NFTs, which represent in-game characters and items, throughout its ecosystem. Beyond this, the project is dedicated to forging connections with other NFT initiatives, aiming to become part of the broader global blockchain community.In August of last year, COO Kang participated in a blockchain conference to highlight Nexon’s ongoing transformative endeavors. The transition of offline games to online platforms marked Nexon’s first evolution, while the second ambition revolves around the expansion of its gaming ecosystem using the capabilities of Web3, Kang said.Turning in-game items into NFTsAmong these strategic moves is the development of MapleStory N, the first game within the MapleStory Universe. This desktop-based MMORPG is currently under development and incorporates blockchain technology. MapleStory N will allow gamers to earn items during gameplay, which can subsequently be transformed into NFTs. The fees collected from in-game economic interactions will be distributed as rewards to both contributors within the MapleStory Universe ecosystem and Nexon.Nexon’s blockchain collaborationsAs part of the MapleStory Universe creation, Nexon joined hands with Ethereum scaling blockchain protocol Polygon. In particular, Nexon employs a Polygon Supernet, which empowers developers to tailor a blockchain to suit their gaming requirements.Furthermore, Nexon made its entry into the realm of Japanese gaming blockchain Oasys in April, acting as a validator. Oasys, established in February of last year, aims to popularize play-to-earn (P2E) games. Notable validators include Bandai Namco Research, Sega, Ubisoft, Yield Guild Games, KDDI, and Softbank.Adding to its array of collaborations, Nexon forged a memorandum of understanding (MOU) with blockchain wallet company Haechi Labs in May, within the context of the MapleStory Universe undertaking. Nexon Korea’s strategy includes leveraging Haechi’s “face wallet,” which simplifies the process of establishing and overseeing blockchain wallets for users. This is expected to offer a seamless and user-friendly experience for newcomers to the field.