Mar 10, 2023

South Korea Bets Big on Metaverse Tech with $51M Investment

This week’s roundup of news from East Asia brings to light the industry’s most important developments. South Korea is investing big in metaverse technology, Mt. Gox is approaching its final deadline for claims, Tencent is shutting down its NFT app, and Thailand is sacrificing $1 billion to enhance the crypto industry. Let’s take a closer look at each of these stories.

South Korea: Investing Big in Metaverse Technology

South Korea is pushing forward with its plans to dominate the metaverse space. On March 8, the Ministry of Science and Information and Communication Technology (ICT), the National IT Industry Promotion Agency, and the Korea Radio Promotion Association announced that they will be investing 27.7 billion Korean won ($21 million) in metaverse projects across 13 sectors such as healthcare, tourism, and education.

The same day, South Korea’s Ministry of Science and ICT also announced the creation of a 40 billion Korean won ($30 million) metaverse fund. This fund is intended to incubate local metaverse-related companies, helping them become big enough to compete with global companies.

Mt. Gox: Final Deadline for Claims

On March 9, trustees of bankrupt Japanese cryptocurrency exchange Mt. Gox announced that creditors have until April 6 to complete registration to receive repayment. Mt. Gox filed for bankruptcy in 2014 after discovering that 850,000 of the exchange’s Bitcoin had been stolen over a number of years. Since then, the trustees have recovered around 200,000 BTC and have held them in trust for the creditors.

Nobuaki Kobayashi, the attorney in charge of the case, wrote that anyone who misses the deadline is out of luck. This nine-year-long bankruptcy process has been dragging on for far too long, and many users just want their money back.

Tencent: Shutting Down NFT App

An in-app message posted on Chinese internet giant Tencent’s NFT platform Huanhe states that users will have until June 30 to file for a refund before the app goes permanently offline. Huanhe launched in August 2021 and featured both traditional and modern Chinese concept art, video, audio, photos, and 3D models.

Some users speculate that NFT sales volumes did not meet expectations, which could be why Tencent is shutting the app down. On Tencent’s official app store, Huanhe has recorded 134,000 downloads since its inception.

Thailand: Sacrificing $1 Billion to Enhance Crypto Industry

Thailand’s cabinet has approved a plan to waive corporate income tax and value-added tax for companies that issue digital tokens for investment. The Thai government estimates that there will be around 128 billion Thai Baht ($3.71 billion) worth of investment token offerings over the next two years and the new measures will see it forgo around $1 billion in tax revenue.

Cryptocurrencies have gained popularity in Thailand since the Securities Exchange Commission began regulating digital assets. Still, the country’s central bank and other regulators have banned the use of digital assets as a means of payment.

Canaan: Bitcoin ASIC Sales Fall

Chinese Bitcoin mining equipment manufacturer Canaan reported its fourth quarter and full-year 2022 financial results on March 7. During the final quarter of 2022, Canaan brought in RMB 391.9 million ($56.8 million) in sales, representing a decrease of 59.9% from the previous quarter.

For the full year, Canaan’s revenues decreased from 4.986 billion yuan ($715 million) in 2021 to 4.378 billion yuan ($635 million) in 2022. The company attributed the decrease to the ongoing crypto winter.

Canaan has also established strategic partnerships with two data center companies, which are expected to provide stable and cost-effective hosting solutions for the company’s expanding mining business. For the first quarter of this year, Canaan projects its total net revenues to slightly improve to 450 million yuan ($65 million).

NFT Promotion and Marketing

The rise of the metaverse and the popularity of NFTs have created a whole new market for NFT promotion and marketing. Companies are now turning to NFT marketing agencies to help them promote their NFTs and increase their sales.

NFT marketing agencies use a variety of tactics such as social media campaigns, influencer marketing, and content creation to increase the visibility of NFTs and drive sales. For example, they may create custom Twitter campaigns to target potential buyers. They may also use influencer marketing to reach a larger audience and create content to generate interest in the NFTs.

NFT promotion and marketing is an important part of any NFT launch and can help companies maximize their sales and reach their goals. By partnering with an experienced NFT marketing agency, companies can ensure that their NFTs are seen by the right people and get the attention they deserve.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.