TBR has everything you want to know about that giant sword trophy in the KBO Korean Series right here in this thread.

First of all, the formal name of the sword is "the Execution Sword of Emperor Jinmyeong."

And it's not a trophy.
Because of COVID-19 precautions, the KBO banned any celebration involving liquid - meaning the players could not celebrate with champagne. So the NC Dinos team was considering different ways to celebrate if they won the KS, and settled on this spectacular idea.
South Korea's baseball teams are named after their corporate sponsors (e.g. Samsung Lions.) "NC" in "NC Dinos" stands for NCSoft, a videogame company. The biggest game franchise for NCSoft is Lineage, an MMORPG game. The "Execution Sword" is the most valuable item in the game.
How valuable? In the offline secondary market, the Execution Sword trades for more than KRW 100m (USD 85k).

The replica is 155 cm (5 ft) long and silver-gilt. It cost KRW 20m to make, which means the replica is actually cheaper than the online version.
NCSoft teased the replica Execution Sword in its commercial that ran during the Korean Series. In the ad for the new Lineage game, blacksmiths can be seen forging a giant new sword. Fun fact: one of the blacksmiths was Kim Taek-jin, founder of NCSoft.
The player holding up the replica sword is Yang Eui-ji, 2020 Korean Series MVP. Yang is a real life Lineage fan - there were jokes that when he signed with the Dinos, his contract included a special clause for gifting him rare Lineage items. In a sense, the joke became true.

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