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South Korean game publisher Neowiz revealed its intent to create games on the Avalanche blockchain, partnering through their Web3 division, IntellaX, this past Thursday.
Korea's fascination with esports and blockchain gaming has grown immensely, evident by the vast audience for diverse gaming experiences and the heightened market engagement. This surge in consumer attention has significantly benefited companies such as Neowiz, which ranks amongst Korea's top five gaming firms based on market capitalization.
With a legacy spanning over 25 years, Neowiz boasts memorable game titles like Cats & Soup. Moreover, they are the creative force behind the forthcoming Lies of P, a game drawing inspiration from Pinocchio. This game is eagerly awaited and is forecasted to become a leading title of 2023. During the Thursday gathering, Taegeun "Andrew" Bae, Neowiz's co-CEO, mentioned the company's notable achievement of $51 million in last year's revenue.
Ed Chang of Ava Labs conveyed his optimism during the event about partnering with Neowiz. He believes the collaboration will elevate Arcad3 and assist Neowiz in seamlessly transitioning into the Web3 gaming sector.
To shed some light on Avalanche Arcad3, it functions as a joint Web3 gaming educational initiative, catering to both traditional and the burgeoning crypto-based projects.
In 2023, South Korea has taken a firm position against NFT-driven play-to-earn mobile games, blocking their releases and removing existing ones from both Apple and Google app stores. The Game Management Committee (GMC) sees these games, particularly those demanding in-app purchases, as speculative ventures. The challenge of securing age ratings for these games has further narrowed their scope in South Korea.
Even with these hurdles, South Korean developers like Wemade Co Ltd have launched successful NFT games, particularly in international markets. Kim Gyu-cheol, leading the Game Rating and Administration Committee, stated that the regulations aim to reduce speculation and gambling, not hinder advancements like blockchain and NFTs. The stringent measures trace back to past incidents like "Sea Story," underscoring the country's drive to balance tech progression with potential risks.
