Source: Adobe/Natallia
South Korean gaming giants keen to grab a slice of the slowly more profitable Play-to-Earn (P2E) crypto gaming pie, with heavyweight Neowiz poised to launch a new golf game title cryptographic.
As noted, South Korean gaming regulators have effectively blocked the domestic launch of cryptocurrency and blockchain-themed games that employ NFTs and in-game currencies that can be traded on cryptocurrency exchanges. The country has one of the most rigorous sets of gambling laws in Asia and regards crypto gambling as a form of speculative activity or gambling.
That situation may well change with elected president Yoon Suk-yeol, who accepts power in May. Yoon previously promised to promote cryptocurrency and NFT-related activities in South Korea, but only time will tell if he delivers on the promises in his manifesto.
Meanwhile, Neowiz has revealed that it will launch a game called Crypto Golf Impact on the Klaytn blockchain protocol. The network is the brainchild of internet giant Kakao and its subsidiary Ground X.
The latter will distribute about $XNUMX USD of its native klay token (KLAY) to new players holding Neofin (a subsidiary of Neowiz) crypto wallets. A maximum of around €XNUMX worth of tokens is going to be offered to around seven with zero new users, EBN notified. Potential recipients will need to register their interest by March XNUMX, and "winners" will be announced on March XNUMX. The game itself will start in the month of April, on Google Play and the Apple Store.
The token is listed on a number of national crypto exchanges, as well as on certain international trading platforms.
It was not mentioned whether South Korean users would be able to access the title through the marketplaces. Certain national companies have tried to avoid the gaming regulator by distributing their titles directly to markets instead of asking for distribution licenses first, a practice the regulator has insisted on doing away with.
South Korean companies are eagerly watching the success of P2E titles like Axie Infinity and are eager to use their intellectual property (IP) to cash in on blockchain versions of blockbuster game series.
Maeil Kyungjae notified that in addition to this Neowiz developments, other rival companies are also preparing to make their resolutions. These include WeMade, which previously published crypto game titles, launched its coin, and developed trading plans.
But Neowiz has also developed its token, while Summon War series developer Com2Us has partnered with crypto exchange FTX for an initial exchange offering (IEO). The minimum bids in the IEO are going to be 480 USD.
"Hope by itself," said the newspaper, "will surely be enough to cause a bubble" in the markets.
Netmarble, the largest mobile gaming operator in South Korea, is also preparing for a token launch.
The firm has published a white paper for a coin called MBX. The company stated that it has also created a subsidiary dedicated to blockchain games, adding that the token will become the gateway currency of Netmarble's future blockchain ecosystem. This token will also be based on the Klaytn blockchain.
Netmarble is partly owned by Chinese tech giant Tencent.