Metaverse security and copyright-related market and technology trends: Korean perspective

Metaverse market dynamics

Current status of Metaverse security and copyright protection technologies

The Metaverse has the potential to create huge value for business, especially in the retail and fashion sectors. The symbolic value of fashion products is maintained not only in physical space, but also in virtual space. Through the Yuanverse platform, companies can develop virtual products and reduce risks in supply chain and inventory management. With the development of virtualization and haptic technologies, consumers can make better purchasing decisions by experiencing the physical characteristics of products. By combining the convenience of e-commerce with the offline shopping experience, Metaverse can develop into a new sales channel.
The Metaverse platform is leveraging cryptocurrencies and NFTs to provide a range of commerce capabilities. Artificial intelligence and augmented reality technology enable personalized product recommendations, and store layouts dynamically change based on user preferences. This high degree of personalization can improve the performance of Metaverse stores. The gaming industry is already a major contributor to immersive virtual experiences, and platforms like Roblox and Sandbox are further increasing the scalability and diversity of the Metaverse. These platforms are able to co-create value with users and provide consistent experiences across different virtual worlds through interoperability. All these innovations demonstrate that the Metaverse is creating new opportunities for the business and entertainment industries." The Metaverse platform brings new possibilities for remote and hybrid work environments. It enables organizations to facilitate collaboration and socialization among employees, and Conduct a wide range of work activities. For example, Horizon Studio with Meta's Oculus Quest 2 VR headset and the Mesh feature in Microsoft Teams make virtual meetings more effective. These virtual workspaces promise to address the challenges of remote work and revitalize corporate culture. However, some challenges remain, such as the lack of realism in interacting through avatars and interoperability issues between platforms.
The use of metadata in the public sector is one of the main national issues of the newly elected Yoon Seok-yeol administration, which has pledged to use it in various fields such as media, content, education and human resource development. To this end, an open Metaverse platform and interoperable cloud systems are essential, as is the provision of standardized data. Ecosystem participants are diverse and require both management and autonomy. However, the use of metadata in the public sector must be done with care, planning and preparation to avoid becoming merely a purchaser or formal provider of private services. It is necessary to ensure that disadvantaged groups can use it, taking into account the uniqueness of public metadata services"[1]. In South Korea, interest in Metaverse technology and industry is growing. In 2019, South Korea established the IEEE 2888 WG, led by the Korean industry The industry and academia are taking the lead to formulate information exchange standards between physical objects and virtual objects. In 2020, the government proposed a virtual integration economic development strategy, and various projects with XR technology as the core to improve the utilization effects of various industries are underway. In addition, the government also released the "Metaverse New Industry Leading Strategy" in 2022, dividing the Metaverse platform into three categories: social relationship formation, digital asset trading, and remote collaboration support, and is building a future-oriented strategy [4]. Samsung Electronics (Samsung Electronics) is the most active company, with 73 patent applications related to metadata security technology. It also actively files applications in four countries outside Japan, especially in the field of service security technology (B). These data indicate , Samsung Electronics is investing heavily in metadata service security technology through devices such as smartphones and VR-AR.【3】

Eye tracking technology is increasingly used in modern VR/AR devices to realize personalized Metaverse services. However, it can also expose users’ sensitive information, posing privacy risks. Dr. Lee [5] attempts to use existing differential privacy methods to solve this problem, which may reduce the usefulness of the data. This paper proposes a novel eye-tracking obfuscation technique to solve this problem, which utilizes bucket shuffling to render the original data's eye trajectories unrecognizable, and evaluates its security against various security threats.

Dr. Jo investigated the security issues of the service model in the Metaverse and developed a security model that can be used for Metaverse services [6]. There are three main servers in the Metaverse environment, namely proxy server, authentication server and virtual asset server: Agent Server, Authentication Server and Virtual Assets Server. The Agent Server handles user authentication and requests the Authentication Server for verification. The server distinguishes between temporary and permanent users. The authentication server utilizes blockchain technology to provide secure user authentication. The virtual asset server uses smart contracts and NFT technology to verify the authenticity of virtual assets through the blockchain. Finally, the information server stores various virtual world information and security content and uses blockchain to protect the data. The server sets weighted data security levels for different privacy levels, ensuring that personal information cannot be identified even if it is encrypted.
Research [7] explores user concerns about interacting on the Metaverse platform and proposes mechanisms to address these issues. The research focuses specifically on privacy and security issues. The findings showed that security concerns reduced users' willingness to use the platform, so they proposed several improvements. Additionally, research shows that membership and a sense of community in community-based Metaverse services can alleviate user concerns and increase engagement. Finally, we conclude that digital capabilities have a positive impact on metanet usage. This study has several limitations that require further research, particularly with younger adults and wearable devices.

Current status of NFT security technology

Because NFTs have the characteristics of virtual assets and content and cannot be counterfeited, they are becoming more and more popular. However, with the rapid growth of the NFT market, related crimes are also increasing, so security measures need to be taken. This study analyzes actual transaction flows through various methods (direct use, interviews, blockchain record inspection, etc.) to identify security threats in the NFT market. STRIDE threat modeling techniques and focus group interviews were used to verify the validity of the identified threats. It is expected that the research [8] will help formulate security measures for the NFT market, thereby proposing methods to protect the NFT ecosystem and its stakeholders. This research aims to analyze and identify security threats in the NFT market. Protection targets are divided into users, services and blockchain. To understand the trading environment, the authors analyze market structure and trading processes and consider the impact of laws and policies external to the market, as shown in the figure. After creating the data flow diagram (DFD), the author conducted a threat analysis using Microsoft's threat modeling tool. The tool allows you to derive various threats (spoofing, tampering, etc.) by considering various security properties (confidentiality, integrity, availability, etc.). The threats discovered through this study are expected to become an important basis for developing security measures for online trading platforms.

The author also provides an in-depth analysis of various threats related to NFT market security.
1. Smart contract vulnerability: In the NFT theft case of "OpenSea", the "wyvern protocol" was exploited.
2. Expensive transaction fees: Ethereum-based NFT transactions can be quite expensive.
3. Quality and counterfeiting issues: Anyone can issue NFTs, so the quality of the original content cannot be guaranteed, and the transaction cannot be canceled after it is completed.
4. Key management issues: If the wallet’s key is lost, the NFT cannot be found.
5. Information asymmetry and fraud: Fake NFTs are sometimes released or sellers pretend to be buyers to manipulate transactions.
6. Copyright issues: During the NFTization process, copyright may not be transferred correctly.
7. Money laundering risk: The possibility of money laundering using the anonymity of cryptocurrency exists, and regulatory standards and analysis are ongoing.
These threats will serve as important references to strengthen NFT market security and improve transaction transparency. In response to these threats, this study examines the effectiveness of security threats to new financial trading markets through focus group interviews (FGIs). According to previous research, a threat is considered effective if its probability of occurrence and harmful impact reach or exceed 2.5. While experts consider this threat unlikely, they note that it is possible in practice, based on examples from cryptocurrency exchanges. In addition, experts also pointed out that threats need to be classified according to the cycle of NFT transactions (creation, distribution and storage), rather than simply classifying threats. Other experts suggest that transaction contracts and content valuation steps should be added to reflect the security of commercial transactions, standardization of security procedures and measures when building blockchain systems, and the introduction of security solutions that can be used in decentralized technologies .
On the other hand, in the case of imperfect regulations and systems, the sudden increase in market size and the increasing chaos in the NFT market have become increasingly common. In this paper, this market chaos, but the role and responsibility of the domestic NFT market place is focused on the importance of the biggest problem in the NFT market, which leads to the requirements of information protection governance in order to solve security problems. In future research, specific strategies will be proposed to substantively assist the requirements.

In daily life, network users use it as a means of communication as a chat tool. They not only send information through chat tools, but also share various forms of files such as photos, videos, documents, and official documents through chat tools. However, as with all text messages sent and received, the profile is fully managed by the company that provides the commercial chat tool service, which is a limitation. When sending and receiving important information with legal significance through chat tool services, the following four functions are required. (1) Identity authentication of the person sending and receiving information; (2) Guaranteeing the confidentiality of the content of sending and receiving information; (3) Proof of content integrity; (4) Preventing the behavior of sending and receiving information from being denied. However, the internal managers of commonly used instant messaging services are vulnerable to forgery and illegal counterfeiting or external hacker attacks. In order to overcome the security problems in the four functions of sending and receiving information, Dr. Hwang[9] uses blockchain-based NFT technology. Supports the above four main functions. The proposed technology can be applied to commercial chat tool services.
In the near future, everyone using the Internet will own at least one NFT. Unlike FT, NFT can have an identifiable owner and is easier to track than FT. As of 2022, WPA2 remains the most used wireless protocol in the world. Using WPA3 or WPA2-EAP (hardened version of WPA2) released in 2018 will be more secure, in order to deploy this technology requires additional equipment upgrades for the devices connected to it: STAs (stations) and APs (access points, routers) . Expensive router equipment solves the security problem, but is not financially feasible for SOHO (Small Office Home Office). In research [10], the authors proposed using NFT as a means of authentication by using existing WPA2 to resist currently popular cracking tools and without the need to upgrade any equipment. The authors have demonstrated that using NFTs in SOHO is resistant to currently widely used cracking tools, and that using NFTs in practice is not difficult compared to existing WPA2. This method is very practical. Practicality means that there is no need to remember passwords and it can be implemented without upgrading existing equipment. This research has been tested in a Windows environment and the experimental results show that NFTs can be used as a means of authentication, assuming an individual owns at least one NFT. In future work, the authors plan to develop an N-WPA2 application that can run on Android and Apple mobile devices and integrate it with the Metamask application to provide a means of mobile connectivity.

Dr. Hwang [11] proposed a new authentication system using NFT - NFT-based Bluetooth Device Authentication System (NBAS) to solve the security problem of high risk of Bluetooth device loss. The system utilizes the Ethereum blockchain to create a digital wallet and generate and store NFTs based on the MAC address of the Bluetooth device. Owners can prove their ownership of the NFT via a private key to verify that they are the legal owner of the Bluetooth device. Performance measurements show that NBAS has an average initial pairing time of 10.25 seconds and a reconnection time of 0.007 seconds, similar to traditional methods, while the average time to deny pairing to unauthorized users is 1.58 seconds. These results show that NBAS effectively improves security compared to traditional Bluetooth authentication methods.

Metaverse technology level

Current status of safety and technology levels in the Metaverse

The cyber-hyperreal world of the Metaverse is coming. For those who have experienced remote work, remote learning, or social isolation due to the pandemic, the Metaverse is an oasis in the online world that allows them to transcend the constraints and limitations of behavior and transport them into a world of imagination , and help them establish new social relationships. Currently, the level of security and copyright technology in the Metaverse is constantly evolving through various research and development. According to domestic and foreign patent analysis and research, research and technology development trends related to Metaverse security technology are actively advancing, and research related to information protection and NFT (Non-Fungible Token) are also increasing [1,2].
In the Metaverse environment, information security should be addressed as an important issue. Especially in an ideal environment where all types of data are collected and processed, indiscriminate collection of information has the potential to violate user privacy. For this reason, not only two-dimensional data but also three-dimensional data must be securely protected, and artificial intelligence technology can be used for this purpose. Various artificial intelligence techniques such as supervised learning, unsupervised learning, and reinforcement learning can be used to proactively process sensitive and unwanted information of users. Putting these techniques into practice will require further research to determine which data is sensitive or unnecessary for users.
Metaverses are platforms that provide various services and interactions in virtual 3D worlds, so special security issues need to be considered. Although a lot of security research has been conducted on traditional 1:1 information exchange, there are still some security issues that have not been solved in the complex multi-user environment of the Metaverse. Various security technologies and protocols need to be studied, including privacy leaks, device authentication, and deepfake detection. To solve these security problems, various authentication mechanisms, data filtering technologies, and prediction and warning systems utilizing artificial intelligence technology are needed.
Under the influence of the COVID-19 pandemic, the application of digital technology in society and industry has increased dramatically, making digital technology a part of daily life for people of all ages. In the past year or so, people have talked about the Metaverse frequently, with mixed expectations. Some people worry that it is an over-inflated vision of the future, but it is gradually becoming a symbol of the future of digital platforms. The Metaverse is a digital transformation of the economy and society, so it is difficult to define its scope with a specific technology. However, metaverse attempts in various fields have promoted the development of technologies such as XR, AI, cloud, and NFT. Technologies such as XR, AI, cloud, and NFT are expected to grow the market significantly1). Given that the Metaverse will bring about the development of related industries, the expansion of ICT infrastructure and the advancement of digital technology are important tasks that must be actively addressed. The government has announced the "Metadata New Industry Leading Strategy" 2) to innovate industries and social changes through digital transformation, cultivate future growth industries, and will promote policy tasks such as platform ecosystem construction, core technology research and development, and talent training.
Driven by leading services such as NAVER Z's ZEPETO and SKT's ifland, the domestic Metaverse market is actively expanding. ZEPETO has 95% overseas users and features partnerships with K-pop artists and brands to expand revenue and build a creator ecosystem. SKT is actively responding to the metaverse market, providing Oculus Quest 2 to popularize VR, and holding various events. Major companies are also entering the Metaverse market, with Samsung Electronics and NAVER planning next-generation digital platforms. Gaming companies are combining P2E ecosystems with NFTs, and the financial and retail industries also plan to use the Metaverse to expand their businesses. Driven by these trends, the overseas market for domestic yuan is expected to continue to grow [12].
Researchers 이기석 of the VR/AR Content Lab studied the development practices of each service and thus summarized the value and characteristics of 10 major metadata services. They analyzed the value elements provided by each service and the steps required to achieve these value elements. required technology. 【13】
Yuanverse Life ServiceIt aims to provide maximum convenience for daily life by realistically realizing the physical environment of the real world in the form of a "mirror world" in the metaverse space and integrating various information and real-time changing virtual information. Taking into account the advancement of technology, this service is expected to surpass the current implementation of high-quality virtual worlds, reflect and simulate information happening in the real world in real time, and provide users with useful information. NAVER is developing "NAVER Arcverse" services using various technologies such as artificial intelligence, digital twins, AR, 5G and cloud. To realize these services, three-dimensional urban modeling, real-time data transmission and simulation technology are essential.
Metaverse Tourism Service : This service provides various travel experiences to potential or prospective tourists by virtually realizing major tourist destinations on the Metaverse platform. For example, Samcheok City has built a "secret forest" world on the ZEPETO platform to reflect local characteristics and allow tourists to experience the mountains and the sea at the same time. "Virtual Daegu" is a meta-world of Daegu's major tourist attractions, demonstrating the technological level of enabling real-time interaction. At the core of these tourism services are location-based services that leverage hyper-connectivity and emphasize the visual and experiential elements of the landscape. In order to achieve this At one point, it is necessary to plan Metaverse content scenarios related to tourist destinations, integrate physical and virtual space modeling, and cloud-based large-scale data transmission platforms.
Metaverse Art and Culture Services: This service allows viewers to experience artists’ performances or artistic works in the Metaverse, enabling communication and social interaction with a large audience. American hip-hop singer Travis Scott's "Astronomical" performance was one of the earliest attempts in this regard, attracting 12.3 million simultaneous viewers. Since then, artists such as Ariana Grande, Blackpink and BTS have created similar metaverse performances. In terms of exhibitions, Geppetto launched a Renaissance-themed virtual art gallery where users can appreciate the works of masters. At the heart of these Metaverse cultural events are dense audiences with thousands to tens of thousands of three-dimensional avatars, so real-time interaction is crucial. Network design that supports synchronization between multiple servers, as well as parametric modeling and optimized compression of interaction data, are key technologies for enhancing fidelity and real-world coexistence.
Metaverse Education : In the post-COVID-19 era, education using metadata provides a more immersive and interactive learning experience compared to distance education using video conferencing. The main Metaverse education platforms include Roblox, StrVR, JIG Space, Gather, Xirang and Reworld, with CourseSpace Ed and Gathertown mainly used in South Korea. Important technological elements of this metaverse education are collaboration and communication between students and teachers, personalized learning experiences, and authenticity, intelligence, and reliability in terms of privacy and security.
Metaverse Medical: The Metaverse has a wide range of applications in the field of healthcare. It can be used for telemedicine, surgical planning, rehabilitation, mental health treatment and medical education, and international companies are already operating cloud-based virtual patients and virtual hospitals. Domestic hospitals have also followed suit and used Metaverse to build virtual hospitals and education platforms. For example, Seoul National University Bundang Hospital has reproduced surgical scenes in the metaverse, and Severance Hospital and Samsung Medical Center have also developed their own meta-hospitals. In addition, research into using medical image data to create artificially intelligent three-dimensional human models is also ongoing. Medical services in the metaverse enable collaboration, treatment planning and patient management through three-dimensional simulation and interaction, for which coexistence with the real world, reliability and smart technology are important.
Metaverse Media : The Metaverse has also had a major impact on media, blurring the lines between physical and digital experiences and enabling richer interactions. These technologies are used not only in broadcast, but also in movies, games, advertising, music, social media and streaming services. The integration of blockchain technology and non-tamperable tokens (NFT) can manage the ownership and distribution rights of media and achieve the integration of the real economy and the digital economy. Korean companies are also actively taking advantage of this. For example, NAVER's ZEPETO is expanding its target group through K-POP and creators. Arirang TV also launched Metaverse TV – Arirang Town. In these environments, increasing the authenticity of the user experience and the credibility of protecting ownership are important factors.
Metaverse Creation : Metaverse Creation refers to a platform that allows users to easily develop services in a virtual world and ensure ownership of the resulting products. It mainly extends to the virtual economy based on non-tamperable tokens (NFT), applying NFT to intellectual property (IP) such as digital goods, videos and music to meet the needs of specific demand groups (such as fans). Digital assets such as Beaver’s digital art or NBA Summit Game gain economic value due to their scarcity. These Metaverse creative activities require authenticity to ensure ownership and smart technology to support the creative process.
Metaverse Manufacturing: Meta-robotics also play an important role in manufacturing. BMW is using NVIDIA’s Omnibus platform to streamline interactions between workers and robots, and Hyundai Motor Company is building “meta-factories” to simulate real-world factory operations in a virtual environment. These virtualization technologies can provide benefits in many areas, including productivity, productivity, quality improvements, and security management. Importantly, real-time data collection and processing through sensors such as the Internet of Things, and connecting the virtual and physical worlds, are key to these optimizations. This way, on-site problems can be quickly identified and responded to, even from far away.
Metaverse Office : Metanetwork technology is entering the office environment to improve work efficiency. LG CNS combines groupware solutions with Metaverse to provide video conferencing and data sharing. Hangeul and Computer Company provides a 2.5D "physical office metaverse" service that can digitize conference room reservations, clock-in and clock-in recognition, etc. Tmax provides a code-free metaverse platform that supports various business functions in a three-dimensional office space. Importantly, this metaverse office environment must also effectively support remote participants and enable realistic communication and interaction.
Metaverse Government : Metaverse technology is also used in public administration and public services. More than 40 local governments are using Metaverse in various areas including tourism, public relations, education and events. For example, the Seoul Tourism Bureau supports online activities through the Virtual Seoul platform, and Busan uses Zepeto to establish a virtual administrative welfare center. The Korea Tourism Organization recreated Han River Park in the Metaverse, and Ulsan held a forum for citizen participation in smart city planning. Important elements of "Yuan Overseas Government" include 24-hour unrestricted public services, consistent access to administrative data, intuitive user interface/user experience, and the reliability and integration of 3D avatars.

Current status of NFT security and technical level

Non-fungible token (NFT) technology is based on blockchain. Although it has advantages in transaction reliability, it also has the problem of relative lack of reliability of services or platforms that apply this technology. Additionally, the legal status of NFTs, particularly the ambiguity between copyright and ownership, also adds an element of risk to transactions. This has led to discussions about regulating network transport protocols in a way that supports the long-term development of the industry. The network transport protocol is still in its early stages of development, and addressing these issues will likely improve its long-term viability. [2]

The main technical core of NFT is the blockchain, so the security threats it faces are also related to the blockchain. The Korea Internet Security Agency (KISA) compiled a report on the outlook and analysis of cyber security threats in the Metaverse and NFT [14]. They compiled 6 factors that may involve network security threats.

Vulnerabilities in external storage: NFTs store their original data outside of the blockchain, and vulnerabilities in this storage can be exploited. This allows hackers to steal raw data or alter stored information.
Connection issues with legacy systems: If the NFT service platform is connected to existing legacy systems, security vulnerabilities in these systems may be exploited.
Social engineering attacks: Hackers can steal users’ wallet information through false information or announcements, which can be achieved through phishing and phishing attacks.
Code vulnerabilities: If a vulnerability is found in NFT-related code (such as ERC-721), it may be exploited to steal the cryptocurrency and NFT in the wallet.
Security issues of smart contracts: Vulnerabilities or incorrect coding in the smart contract itself may lead to attacks that steal NFTs or manipulate transactions.
Reliability issues of blockchain oracles: Blockchain oracles provide external information to smart contracts, which may be leaked due to security vulnerabilities in the system or carelessness of the administrator.

Due to the various vulnerabilities and risk factors mentioned above, security incidents involving NFTs are increasingly likely to occur, and the resulting economic losses are also increasing. KISA analyzed the cybersecurity threats faced by blockchain from both provider and user perspectives. As shown in the figure, KISA has organized the occurrence process of NFT security threats. On the provider side, security threat assessment focuses on vulnerabilities in development code, smart contracts, and electronic wallets. On the user side, leakage of private keys related to e-wallets, hacking of e-wallets, and use of weak passwords are considered major security concerns. However, due to the inherent nature of the blockchain, the possibility of tampering with the data stored in the blocks is relatively low. Recently, non-tamperable tokens (NFTs) have also faced security threats, with reports of high-value NFTs being stolen. Even large global NFT marketplaces such as OpenSea have been attacked by hackers, and illegal NFT transactions continue.
Security risks that chief information security officers (CISOs) should consider in the booming non-fungible token (NFT) and cryptocurrency market. The main revelations include
1. Enterprise adaptability and chief information security officer's concerns: Enterprises are working hard to adapt to the development of Web3 and NFT, but chief information security officers are worried about a series of security risks. In particular, NFTs and cryptocurrencies present a range of threats and security issues that businesses may be unfamiliar with.
2 Diversity of security risks: There are multiple security risks to consider, including the complexity of blockchain protocol integration, changes in asset ownership, market security risks, identity and cryptocurrency fraud, and key management.
3. The need for security measures: To minimize these risks, companies need to implement a range of security measures, including thorough code testing and auditing, key management, and employee and user training.
Blockchain is a relatively new technology and integrating it into projects can be complex, potentially creating security risks. When a user purchases an NFT, you don't actually purchase the image, but rather get a sort of "receipt" pointing to the image. Security researchers note that this is an important security consideration. Although NFTs are based on blockchain technology, the pictures or videos associated with them can be stored on centralized or decentralized platforms. This could lead to NFT markets inheriting Web2 vulnerabilities.
As a new way to solve the problem of digital content ownership, NFT has attracted much attention, especially as platform users are transforming into "creator users", who play the roles of creators and users at the same time. However, research on NFT usage intentions is still lacking. Research by the Department of Business at Myongji University used the value-based acceptance model (VAM) to analyze various factors that affect NFT usage intentions. The results showed that the convenience of minting and purchasing has a direct positive impact on usage intentions, while affordability, Ownership recognition, technology safety and reliability, and community have a positive impact on usage intention through the mediating role of perceived value.
Global companies such as Google, Microsoft, Facebook, Nvidia, Naver, and Kakao are investing heavily in advancing Metaverse technology. By 2025, the Metaverse market is expected to grow sixfold to reach $280 billion, and by 2030, the AR and VR markets are also expected to grow significantly [19]. The impact of the epidemic (COVID-19) has led to a surge in demand for 3D virtual spaces, which is expected to have a positive impact on economic and social activities. The Metaverse is also expected to spread to various industries such as media technology, XR, healthcare, and entertainment. Startups are also entering the Metaverse industry, leading to an active M&A market, with Microsoft's acquisition of Activision Blizzard being particularly notable. This overall trend suggests that the Metaverse industry will continue to grow.

Market status at current levels

The report "Security Information" [15] compiled the information in 2022 and stated that NAVER LINE, SK Telecom, Dunamu, Lotte Home Shopping, Mituon, Bithumb, Africa TV, Kakao Games and other companies are operating the Korean NFT market. Since smart contracts support all NFT transactions and ownership transfers, security-conscious smart contract programming makes it difficult for hackers to tamper with them. At the same time, if you use an NFT market with a centralized model that has security vulnerabilities, data may be tampered with, censored, created, or even lost. It is necessary to focus on how to improve the security vulnerabilities of the NFT market, what impact will Korean companies enter the NFT market, and how to organize legal supervision issues related to NFT. This information and questions provide an opportunity to think deeply about the current status and future prospects of the NFT market.
There is a discussion on NFT security in Volume 23 of "N-Content" published by the Korea Creative Content Agency (KOCCA) [16]. There are various methods and technical means to improve the security of NFT. By storing the HASH value of the original data on the NFT blockchain, the authenticity and ownership of the data can be protected, while technologies such as IPFS and IDH for distributed data storage can prevent hacker attacks [16]. Businesses are recognizing NFTs as a new source of revenue, and NFT transactions are booming on various platforms. In this context, Web 3.0 or "Personalized Web" is becoming an important trend to improve security. This technology will play an important role in returning ownership and control of raw data to users and making it more difficult for hackers to attack. NFTs are likely to expand beyond digital content to rights such as membership and sales rights, and with the introduction of Web 3.0, this overall security is expected to increase. NFTs signify that data is valuable and are expected to play an important role in many industry sectors in the future.

Abstract: The Ministry of Science and Information and Communications Technology of South Korea and the Korea Internet and Security Agency launched the "Metaverse and Cyber ​​Financial Security Committee"

The Ministry of Science and ICT and the Korean Internet and Security Agency (KISA) announced the establishment of the "Metaverse and NFT Security Committee" to study security issues in the spread of virtual convergence economies such as Metaverse and NFT and seek Industry cooperation. The committee is composed of platform companies, security industries, associations and organizations related to Metaverse and NFT. It will share cyber threats and damage cases and seek proactive countermeasures and solutions to various security issues.
The committee plans to share examples of cyber threats and breaches and seek proactive responses and solutions to various security issues. A total of 25 companies, including telecommunications companies, Internet portals, banks, blockchain industry and security companies, as well as the Metadata Industry Association and the Information Protection Industry Association have decided to participate in the council. Since participants involve various industries, such as telecommunications companies, Internet portals, banks, etc., this adds certain difficulties to solving security issues because it requires coordination between multiple parties and institutions [17].
Dr. Suk of ETRI's Technology and Economic Research Institute summarized the business model based on the Metaverse and NFT. He believed that the basic components of a business model considering the Metaverse include the production and sales of content, intermediary and marketing fees, and User traffic revenue is determined [20].

Production and sale of content : The main players in creating and selling goods in the metaverse are prosumers and platforms. Consumers create all kinds of digital content, and a process is needed to classify who can use it. This process can be done through platform companies or public agencies, and we believe an oversight system based on user reports is also possible. In addition, regarding the issue of plagiarism of digital goods, original works are guaranteed through NFT, but this may become a problem if the tacit use of copies becomes common. To solve this problem, platforms need to share copyright registration information with users and can establish a notification system to prevent plagiarism. In addition, resource information of digital goods needs to be exchanged between companies to create a true metaverse, which requires cooperation between companies.
Agency and marketing feesIn the Metaverse environment, various issues are emerging such as content creation and mediation, privacy, competition, and crime prevention. First, a system is needed to manage the usage rights of various content created by prosumers. The role of platform companies and public institutions is important in this regard. Secondly, it is necessary to use technologies such as NFT to protect the copyright of digital goods. Third, it is necessary to thoroughly discuss and regulate the protection of personal information in personalized marketing. Fourth, various entry strategies should be considered to ensure a level playing field among large, medium and small enterprises. Finally, technical measures are needed to prevent crimes such as phishing and fraud. These issues are important to platform companies, governments, and users, and collaboration between experts in each field is critical.
User traffic revenue : Subscription-based Metaverse services are still in their infancy, and Universe is a typical example. Considering that ZEPETO and Daum Kakao are also actively introducing subscription models, this business model may become more widespread in the future. This is because the Metaverse is organized around game elements and avatars, and the subscription service model is already active in the gaming industry. However, these subscription services are expected to face privacy and authentication issues. Initially, they will be driven by competing platforms that may exploit users' personal information. They also need to address the issue of identity sharing, where one identity is shared by multiple people, which requires legalization and consent procedures. Finally, the introduction of DID (Decentralized Identifier) ​​technology is necessary to create an environment where subscription services with one ID can be used on various platforms.
Various issues related to the Metaverse revenue model are expected to arise, and solutions will be necessary. The current landscape is constantly changing and revenue models may converge and shift, so strategies to address these issues need to be flexible. Some of the major issues that can be foreseen include the creation and distribution of illegal content, infringement of intellectual property rights, criminal use of the Metaverse (e.g. phishing, fake smiles), invasion of privacy and unfair competition. To address or prevent these problems, government oversight and research and development will be critical. Therefore, it is necessary to detect these problems in advance and develop countermeasures to prepare for an increasingly complex social environment.

Based on a comprehensive analysis of South Korea’s non-fungible token (NFT) and Metaverse technology fields, we can clearly position its technology maturity at the Technology Readiness Level (TRL) established by NASA Level 5 in. At the current stage, the Korean domestic market has a relatively mature understanding of the concepts and applications of the Metaverse and NFT. Many companies and research institutions have begun technology development and experimental verification in specific application scenarios. This phenomenon shows that this field in South Korea has gone beyond the preliminary theoretical research and concept verification stage, and gradually entered the application development and service model exploration based on NFT and the Metaverse. However, it is worth noting that since there is not yet a widely recognized unified model or standard, this field has not yet reached TRL Level 6 in South Korea, which is the performance verification stage of a system or prototype in a relevant environment.
To sum up, South Korea’s research and application development in the fields of NFT and Metaverse technology have shown significant activity and potential for progress. It is expected that with the accumulation of more scientific research results and commercial practices in the future, the technological maturity in this field will be further improved, thereby promoting the continued and healthy development of the entire ecosystem.

References

1. KCI - Discussion of the metaverse concept and status and suggestions for future research directions, 2022
2. Research on information security and NFTs in Metaverse (PDF), 2022
3. Research on technology development trends related to metaverse security through domestic and international patent analysis, Cheol-won Yoo (Inje University); Yoohan Jeong (Inje University), 2022
4. Analysis of cybersecurity threats and vulnerabilities in the metaverse environment
5. Eye tracking obfuscation technique to improve metaverse security, Donghyuk Lee, Namje Park
6. Research on security models for metaverse services, Do-Eun Jo (Mokwon University)
7. Alleviating privacy and security concerns in the metaverse: The role of social identity and digital capabilities, In-ho Hwang (Kookmin University)
8. A study on security threats to domestic NFT transactions, Se-hee Jeong, Chang-moo Lee
9. Messenger service security support technique using NFT, Hwang Je-young
10. Practical WPA2 without key exchange with 4-way handshake using NFT
11. NBAS: Bluetooth device authentication system using NFT, Seonguk Hwang
12. Metaverse technology and standard trends and R&D direction
13. Metaverse technology trends for proliferation of convergence services
14. Metaverse and NFT, cybersecurity threat outlook and analysis
15. https://www.boannews.com/media/view.asp?idx=109742
16. https://www.kocca.kr/n_content/vol23/subp/issue_hotTrend1.html
17. https://zdnet.co.kr/view/?no=20220714133255
18. The impact of NFT characteristics on the intention to use NFT as a creator, Geonha Kim
19. IITP Weekly Technology Trends No. 2056 https://www.itfind.or.kr/WZIN/jugidong/2056/file1172218666586112260-2056(2022.07.27)-28.pdf
20. Metaverse and NFT business model status and considerations, Seok Wang-heon (ETRI)