South Korean University Awards NFT Cert During Graduation Ceremony
A South Korean university has come forward in addressing the urgent issue of certification counterfeit by introducing non-fungible tokens (NFTs).
First of Its Kind Fake-Proof NFT Certificates
Sungkyunkwan University said Monday that it will present NFT certificates to three students who have won the intramural competition. The certificates will be issued during an online graduation ceremony on Wednesday.
“Sungkyunkwan University plans to award awards and prizes to winners by producing them in the form of NFTs that give unique values and meanings,” the university said in the statement.
The university said that the NFTs are immune to counterfeit and loss, and are based on Klaytn public blockchain.
Sungkyunkwan has decided to “keep up with developing digital technology” and offer a unique experience for students receiving the NFTs. Additionally, the institution said it will adopt blockchain tech when issuing other degrees and credentials, a local media reported.
Moon Kyung-won, a pharmacy major student, is one among the three to receive NFT certification for conducting mentoring activities for children of multicultural and North Korean defector families.
NFTs Are Taxable in S. Korea
Korean lawmakers announced last year that NFTs are subject to taxes after classifying them as virtual assets. The country’s Financial Services Commission has imposed a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102), starting from Jan. 1, 2022.
The move contradicts the regulator’s stance on NFTs that it does not classify as virtual assets and cannot be regulated.
The news interestingly accorded with the nation’s leading business conglomerate Samsung’s move into NFTs.
Sungkyunkwan university established a partnership with Samsung in the late ’60s till ’70s and renewed the alliance in 1996. The partnership has aided the university in developing academic programs in various fields including medicine, engineering, business, and law.