South Korean IT and gaming companies are rushing to release blockchain game titles – and professionals claim this might lead to a brand new wave of interest in cryptocurrencies in the country.
Per a report from Fn News, Dunamu – the operator of the Upbit cryptocurrency program, which fosters its global expansion with USD 71 million investment battle chest – is now “investing heavily” in blockchain-powered games. The same record also says that Hashed – a South Korean-American venture fund that backs blockchain and cryptocurrency projects – is pursuing a range of blockchain gaming titles through its Hashed Labs business arm.
The same media outlet quotes an industry observer as proclaiming, “Blockchain-powered killer applications like hit games will assist users realize the value of cryptocurrencies .”
As formerly reported, the main net of Kakao’s Klaytn blockchain platform went live last week. The chat app giant also exposed details about Klaytn’s governance council. Surprisingly, the council comprises all but two of the country’s biggest game designers – namely NCSoft and Nexen.
The South Korean gaming companies named among the council members include Pearlabyss, Netmarble , KakaoGames, Neoply ( a subsidiary of gaming company Neowiz), WeMade and Bluehole’s PUBG subsidiary.
Japanese mobile game developer Gumi is also a council member since is blockchain-keen South Korean electronics giant LG.
Fn News quotes an unnamed insider familiar with Klaytn as stating, “In the initial stages, the governing council members will concentrate on node-related issues, but once that is done, they will turn their attention to discharging blockchain-powered games .”
Prominent South Korean blockchain and cryptocurrency firm Chain Partners has also co-developed two blockchain games and is said to be working on further titles.
Per Newzoo, South Korea’s domestic market brings in revenues of USD 5 .6 billion a year, making it the fourth largest in the world.
Meanwhile, not only South Korean companies trust in blockchain-based games. As revealed, Animoca Brands, Hong Kong-headquartered publisher of mobile games, is betting on blockchain as they’re considering this technology to be a game changer in the industry.