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It's time to invest in virtual real estate

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By Chyung Eun-ju and Joel Cho

Chyung Eun-ju Joel ChoLee Jae-myung, presidential candidate of the ruling Democratic Party of Korea (DPK), has recently pledged to open an era of digital territorial expansion in hopes of creating "infinite opportunities" by pioneering Sout Korea's digital territory. In his "growth of digital transformation pledge announcement," he emphasized the importance of strengthening everyone's digital capabilities and promised everyone's economic rights to "digital land" as owners and shareholders and vowed to prevent digitization from becoming an exclusive property.

Although Lee's pledges don't seem to be plausible and he doesn't seem to quite grasp the various facets of digitization, digital land is something several South Koreans (especially the so-called MZ Generation born between the early 1980s and early 2000s) are looking into as soaring home prices and income inequality grow.

For instance, a 30-year-old Korean engineer, Shaun, is planning to design a building to host K-pop live performances and drama screenings on the parcels of land he bought for millions of won in Decentraland, a blockchain-based virtual world.

In Decentraland there are a limited number of digital land parcels that are offered in the form of non-fungible tokens (NFTs) and can be purchased through MANA, a fungible token based on Ethereum.........

© The Korea Times

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