Korean game publisher Neowiz announced its initiative to build blockchain games through its Web3 division, IntellaX. Having already enjoyed success in the gaming industry, the well-established company is extending its influence to explore the promising avenues of the Avalanche blockchain.
Neowiz’s Storied History and Blockchain Gaming
With a history of over 25 years, Neowiz has carved a name for itself in the gaming sector, particularly in Korea. The company, renowned for popular releases such as “Cats & Soup” and the forthcoming “Lies of P“, which draws inspiration from the tale of Pinocchio, is eagerly awaited by enthusiasts and expected to be a big seller in 2023. Taegeun “Andrew” Bae, co-CEO of Neowiz, spotlighted the company’s strong financial performance at a recent event, noting a substantial revenue of $51 million last year.
Moreover, Korea boasts a robust appetite for esports and blockchain games, with a sizable fanbase that fuels the growth and valuation of local companies, including Neowiz. Recognized as one of the top five Korean gaming entities by market capitalization, Neowiz’s trajectory demonstrates the potential for further growth and innovation in the sector.
To further the collaboration, Ava Labs’ head of gaming, Ed Chang will engage in strategic discussions with IntellaX during the Korea Blockchain Week hosted at Avalanche House Seoul in 2023. This partnership harbors the potential to significantly enhance Web3 gaming technology, promising a promising future for the industry.
Avalanche Arcad3 and The Asian Gaming Landscape
Avalanche’s influence is noticeably growing in the Asian market, particularly within South Korea’s gaming sphere. Neowiz, currently ranked fourth among the top 100 gaming companies globally, plays a vital role in this expansion. It’s worth mentioning that this exclusive list also includes East Asian behemoths such as Alibaba, Tencent, and Gree, showcasing the dominant presence of Asian businesses in the gaming industry.
Furthermore, the Avalanche Arcad3 program presents a golden opportunity for Neowiz’s subsidiary, IntellaX, to collaborate with esteemed Web3 game designers. Keen to expand its knowledge base, IntellaX aims to delve into the intricacies of Web3 gaming, including NFTs, culture, infrastructure, and advanced blockchain gaming techniques.
This collaboration is another signal of the shift in the gaming industry, with promising prospects for Neowiz and the broader gaming community. As we watch these developments unfold, the partnership could reshape the future of gaming in Korea and even the global gaming landscape.
Korea Blockchain Week
At the Korea Blockchain Week 2023, Web3 gaming emerged as a major theme. The gathering has hosted several panels and dialogues focusing on the transformative potential of blockchain technology in reshaping the gaming industry.
A prominent subject of conversation was the possession of in-game assets. Unlike traditional gaming settings where players don’t have genuine ownership of the accumulated or bought items housed on the developer’s servers and can be revoked at any moment, Web3 gaming offers a different approach. In this new format, players have the ability to own their in-game assets truly, represented as NFTs, facilitating the options to trade, sell, or loan them to fellow players. This shift towards Web3 gaming, therefore, heralds a potentially hugel change in the gaming sector, empowering players with control and ownership over their in-game assets.