Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite

Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat BiteThe English singer, songwriter, and former Black Sabbath frontman, Ozzy Osbourne, has revealed he’s launching a non-fungible token (NFT) collection. Osbourne announced the launch on Twitter alongside a Rolling Stone article that showcases the drop of 9,666 NFT bats next year. Heavy Metal’s Prince of Darkness Launches Cryptobatz NFT Collection Following the stampede of celebrities […]

What Are Flash Loans

Cryptocurrency and blockchain technology has immense potential apart from being just assets that one can invest and trade-in. What many people fail to realize is that investment and trading cryptocurrency tokens are just a small part of the technology. Blockchain technology is here to revolutionize the way people see banking and finances. It aims to truly empower people and provide them financial freedom. And in this regard, one of the most important aspects is how people get their hands on loans. This is where Flash Loans come into place. In this article, we will reveal the answers to questions such […]

Korean government tells Apple and Google stores to take down P2E games

The Games Committee has strengthened its stance against P2E games by saying those games should not receive an age rating needed to get listed on app marketplaces.

The South Korean government has moved to block the release of new play to earn (P2E) games and requested that existing ones be removed from Google Play and Apple’s App Store.

P2E gaming has become popular in the cryptocurrency industry. Gamers typically must first purchase game pieces as non fungible tokens in order to play the game and receive in-game rewards. However gaming prizes over a few dollars are banned in South Korea.

The Game Management Committee (GMC) in the Ministry of Culture, Sports, and Tourism yesterday requested major mobile app marketplaces block any games that require in-app purchases before playing the game.

To combat the proliferation of what it sees as speculative money-making schemes, the GMC has made it all but impossible for P2E game developers to get their work listed on the most popular mobile app stores.

While the government’s attem mitigate the growth of P2E games by going straight to the app marketplaces is a new development, game developers in South Korea have faced court battles since April to keep their P2E games up for sale in domestic app stores. The main problem was that some game apps could not obtain an age rating required for listing on app stores.

An official from the GMC stated that the commission is only following Supreme Court precedent in blocking P2E games from getting age ratings and being listed. The official said in a Dec. 28 statement:

“It is reasonable to keep P2E games from getting age ratings under the current law because cash rewards in games can be considered prizes.”

Prizes earned from gaming in South Korea cannot exceed 10,000 KRW ($8.42) at a time.

Related: cNFT protocol brings utility to NFTs, changing the play-to-earn industry as a whole

The Fivestars for Klaytn P2E game and nonfungible token (NFT) marketplace was initially blocked in domestic app stores for a lack of a rating, but the team behind the game won an injunction in June and the game was listed. A final decision on the legal standing of the game is expected to set a legal precedent for other P2E games, such as Infinite Breakthrough Three Kingdoms Reverse.

The GMC’s stance has negative implications on all P2E gaming apps, including the suite of apps associated with the two most popular games to-date according to DappRadar: Axie Infinity and Splinterlands.

The post Korean government tells Apple and Google stores to take down P2E games appeared first on CoinRegWatch.

CryptoTaxCalculator Review: Simplify Your Cryptocurrency Taxes

With the continued growth of the cryptocurrency ecosystem, millions of people around the world have started investing in the crypto market to take advantage of the unique opportunities it provides to generate income in different ways. CryptoTaxCalculator was created to help crypto investors in the United States, Canada, New Zealand, United Kingdom, and Australia, identify […]

The post CryptoTaxCalculator Review: Simplify Your Cryptocurrency Taxes appeared first on Blockonomi.