Web3 Title Sponsor of Korean Golf Tournament to Award Winner With Crypto

The Wemix Korean Ladies Professional Golf Association (KLPGA) Championship winner will be awarded in Wemix’s cryptocurrency. The tournament will have two competitions where players compete for individual holes (match play) or compete with others over a full round (stroke play).

The top 12 golfers in the Wemix rankings will face the bottom 12 in the match-play format. The 12 winners and losers will separate into Final A and Final B pools that will vie for the cryptocurrency prize through a stroke play contest.

Korean Golf Tournament Offers WEMIX, a Token Trading 97% Below Its All-Time High

Wemix confirms that one million of their WEMIX tokens are up for grabs but didn’t specify how much the winner would receive. The championship will start on Nov. 18.

At the end of each season, the top 60 golfers in the Wemix rankings shared 50,000 of the token, whose price is currently down 97% from its all-time high. The highest-ranked player, Lee Ye-won, recently received 90,000 WEMIX.

The tournament sponsor, Wemix, develops tools that can be used on the decentralized internet. WEMIX Play’s mega blockchain gaming platform is responsible for over 90 mobile titles. Its NILE platform is a decentralized autonomous organization that develops new civilizations based on blockchain, while WEMIX.Fi is a decentralized platform offering exchange, deposit, asset management, and investment services.

Last year, the Sport Fishing Championship awarded its top saltwater angler $1 million in crypto.

Read here about how to find new blockchain gaming dApps.

Regulators Still Grappling With DeFi and NFTs

So far, few countries have tabled rules governing how projects should handle the issuance of Web3 tokens. Europe’s upcoming Markets in Crypto Assets (MiCA) bill requires that new token issuers produce a white paper before exchanges can consider listing their asset.

Learn the basics of GameFi, a niche of decentralized finance, here.

South Korea’s Virtual Asset User Protection Bill includes measures to protect investors from market manipulation. It considers most virtual assets other than Bitcoin to be securities that should comply with existing laws.

The Financial Services Committee will oversee the industry while it expands regulations to include more novel crypto ideas. Future revisions of MiCA could also regulate decentralized finance and NFTs.