Introduction
In the era of digital transformation, the importance of NFTs grows as it allows to secure and verify the authenticity of digital assets. NFTs are also attractive because it allows fair compensation for their creators' creative efforts. In parallel with this trend, the metaverse market also flourishes in its quality and quality. However, the lack of a clear legal basis and regulatory frameworks for this new technology impose various challenges, and difficulties on companies doing business in Korea and worldwide. To bridge the gap between law and practice, Yulchon is pleased to be the first major law firm to launch a team dedicated to NFTs and the metaverse industries. Yulchon’s NFT/Metaverse Team is comprised of more than 20 dedicated professionals with technical and industry expertise in engineering, computer science, gaming, finance, blockchain, and cryptocurrency. We offer a full range of services related to NFT issuance, minting, distribution of digital assets, Play-to-Earn (P2E) gaming, intellectual properties, tax, finance, and others in the areas of litigation, regulatory compliance, prosecution, transactions, and general consultations. Moreover, we are selected as the official legal advisor of the Korean Sport & Olympic Committee (KSOC) for their NFT and metaverse business related to South Korea’s Olympic Team for the 2022 Beijing Olympics and the 2024 Paris Olympics.
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