Wemix: Awarding the Winner of Korean Golf Tournament With Crypto
The winner of the Wemix Korean Ladies Professional Golf Association (KLPGA) Championship will receive their prize in Wemix’s cryptocurrency. This tournament features two competitions: individual hole match play and full-round stroke play.
The top 12 golfers in the Wemix rankings will compete in match play against the bottom 12. The winners and losers will then be divided into two pools, Final A and Final B, where they will vie for the cryptocurrency prize through a stroke play contest.
Korean Golf Tournament Offers WEMIX Token Trading 97% Below All-Time High
Wemix has confirmed that one million WEMIX tokens are up for grabs during the tournament, although they did not specify the exact prize for the winner. The championship is scheduled to begin on November 18th.
At the end of each season, the top 60 golfers in the Wemix rankings share 50,000 tokens. Currently, the token’s price is down 97% from its all-time high. The highest-ranked player, Lee Ye-won, recently received 90,000 WEMIX tokens.
Wemix, the tournament sponsor, develops tools that can be used on the decentralized internet. They offer platforms like WEMIX Play, a mega blockchain gaming platform with over 90 mobile titles, NILE platform, a decentralized autonomous organization that builds civilizations based on blockchain, and WEMIX.Fi, a decentralized platform providing exchange, deposit, asset management, and investment services.
Last year, the Sport Fishing Championship awarded its top saltwater angler $1 million in cryptocurrency.
Looking to discover new blockchain gaming dApps? Read our guide here.
Regulators: Dealing With DeFi and NFTs
So far, only a few countries have established rules and regulations for the issuance of Web3 tokens. Europe’s upcoming Markets in Crypto Assets (MiCA) bill will require token issuers to create white papers before their assets can be listed on exchanges.
Learn about the basics of GameFi, a decentralized finance niche, here.
South Korea’s Virtual Asset User Protection Bill includes measures to safeguard investors from market manipulation. The bill considers most virtual assets (excluding Bitcoin) to be securities that must adhere to existing laws.
The Financial Services Committee will oversee the industry as it expands its regulations to cover more innovative crypto ideas. Future revisions of MiCA may also include regulations for decentralized finance and NFTs.
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Disclaimer
BeInCrypto is committed to unbiased and transparent reporting as per the Trust Project guidelines. This news article aims to provide accurate and timely information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content.
Editor Notes
Innovative initiatives like the Wemix Korean Ladies Professional Golf Association (KLPGA) Championship are driving the adoption of cryptocurrencies in unique ways. By combining the excitement of sports with the opportunities of crypto, this tournament is introducing a wider audience to the potential benefits of digital currencies. It is encouraging to see the use of cryptocurrency prizes in traditionally non-crypto events, and it will be interesting to follow the outcome of this tournament and how it impacts the future of sports and crypto integration.
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