South korean nfts max

On October 19 2021, the Korean Patent Act was amended to allow a ‘separated application’, so as to pursue potentially allowable portions of the pending claims even after an appeal against a final rejection has been rejected (Article 52bis). This separated application system is different from the existing divisional application system, and will be effective from April 20 2022.

Current procedural options are insufficient

Under Korean patent practice, an application is either allowed or rejected in its entirety (all or nothing), although substantive examination is performed on a claim-by-claim basis.


However, he plans to issue 22,329 NFTs in total.

Likewise, the Democratic Party of Korea (DPK) presidential candidate Lee Jae-myung also issued NFTs of his images to raise funds.

Meanwhile, the latest poll on the presidential election conducted by Gallup Korea shows Yoon Suk-yeol leading the presidential race with a 39% approval rating. On the other hand, DPK presidential candidate Lee Jae-myung follows closely behind with 38%.

Similarly, both presidential aspirants Yoon and Lee have made crypto-friendly policy promises. One of these promises is reversing a local restriction on ICOs that has been in place since 2017.

Since 2021, South Korea’s government has been looking to impose strict regulations on the local crypto and digital assets ecosystem.

Another regulation proposed a 20% tax for those who generated over $42,000 profit from cryptocurrency trading.

South Korea’s presidential election is taking place on March 09, 2022. On Monday (March 7), presidential candidate Yoon Suk-yeol issued non-fungible tokens (NFTs) with his own images and videos.

The presidential aspirant endorsement of NFTs can be considered a ploy to win over some of the younger voters, specifically those in their 20s and 30s. This age group is considered by many as the most active in the crypto and NFT space.

Moreover, Yoon has minted 4,000 NFTs on the Aergo blockchain, which has started sales at South Korean NFT marketplace CCCV for 50,000 Korean won, equivalent to $40.78 each.

Cir. 1992).

Likewise, the new Korean Patent Act considers the eight factors listed above for determining punitive damages and those factors have similar aspects to the Read Factors. Specifically, “(ii) whether the infringer knew the act of infringement would cause harm to a patent owner” corresponds to “(1) whether the infringer deliberately copied the claimed invention; (2) whether the infringer had a good-faith belief of invalidity or non-infringement; and (8) the infringer’s motivation for harm” in the Read Factors. As in the US where thoughtful guidance from counsel is persuasive evidence of good faith, a lawyer’s invalidity opinion or non-infringement opinion would be an important factor in Korea.
In contrast, “(vi) the criminal penalty for the infringing activity” does not have any counterpart in the Read Factors.


The long arm of the law has finally caught up with a 26-year-old man who allegedly defrauded nine investors of 210 million KRW (US$165,798) in an NFT scam.

The unnamed suspect reportedly uploaded 10,000 CatSle NFTs to the OpenSea NFT marketplace in November 2021, promising investors that they would receive a certain amount of KLAY tokens for every ten purchases of the NFT. However, none of the NFT buyers have received any crypto reward.

After successfully raising over $160,000 from investors, the CatSle project announced that it had been hacked and would be shutting down in January. 5,000 NFTs had already been sold to nearly 300 individuals.

According to the police, it began receiving a number of reports of “property damage” caused by the CatSle team after unilaterally shutting down the project in January.

When a cancellation trial is filed, in response, the trademark owner must prove the use of the mark in the form ‘as registered’. ‘As registered’, the Korean courts have recognised the mark in actual use for English-only letters as proper use when the registered mark was made in English and its Korean transliteration for the reason that they were substantially identical (Supreme Court decision 2012Hu2463).

If the evidence submitted in the cancellation action cannot prove the substantial use of the mark in the ordinary course of trade, the registration will be cancelled (Supreme Court decision 2011Hu354). Surprisingly, the success rate in non-use cancellation actions in Korea is quite high; over 80% of the challenged marks were cancelled over the past five years.

However, inventions/designs which have been disclosed via a laid-open publication or a registration publication in or outside Korea before filing are not eligible for the grace period in Korea.

Regarding the disclosure of the invention, the Supreme Court ruled that “an invention publicly known or worked” means an invention disclosed under the condition that any person who does not have confidentiality obligations can readily grasp the content of the invention, regardless of whether the person actually recognises the invention (see, e.g. Supreme Court decision 2011Hu4011 decided on April 26 2012).

The NFT craze has reached the high fashion industry. Our chart with data gathered by Statista gives an overview of different NFT sales by luxury and collectable brands, some of them bringing in millions.

A very lucrative NFT sale was launched by Italian fashion house Dolce & Gabbana. Collezione Genesi – bringing in more than $6 million on a hybrid physical/NFT model – consisted of nine pieces.
Bridging the physical aspect of fashion and metaphysical aspects of NFTs, if you will, five of the collection’s items were produced by Dolce & Gabbana the old-fashioned way and then turned into animated digital versions by studio UNXD.

However, the time period in which the grace period can be applied has been extended for applications filed on or after July 29 2015, as follows:

a. Submission of an amendment is possible

i. at any time prior to the issuance of a first office action (a Notice of Preliminary Rejection or a Notice of Allowance),

ii. within the time period for responding to a preliminary rejection, or

iii. when filing a request for re-examination, or

b. within three months of receipt of a Notice of Allowance, but before registration.

It should be kept in mind that the grace period cannot be acknowledged after registration of patents or utility models.

South Korean prosecutors emphasized stern punishments on crypto criminals which resulted in heavy sentences for the accused. As a matter of fact, even the V Global CEO received a 22-year jail sentence.

As people are becoming more familiar with the latest developments in the crypto space, more players are exploring NFTs and the metaverse. While this improvement has its advantages, a lot of reports regarding illegal activities are being filed in many countries.

For instance, India, the UK, and the US started to increase scrutiny over NFTs and Metaverse.

China also was one of the first countries to do so, yet there are many activities still happening.

Such measures are becoming more of a necessity every day especially with the rapid growth of the Metaverse.

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