South Korean Gaming Firms Jumps Into P2E Crypto Gaming Sector, Look To Mirror Axie Infinity Success 

• Neowiz announces the rollout of a new crypto golf gaming title, as the South Korean giant’s step in the play-to-earn crypto gaming industry.

• However, as per the recent reports, the gaming regulators have obstructed the release of crypto and blockchain-related games since the nation believes them to be gambling.

• The nation’s stance on crypto can change once President-Elect Yoon Suk-yeol comes to power as he has made promises to expand the crypto arena in the country. 

Video games giants in South Korea also want to jump in the wandagon of the play-to-earn (P2E) crypto gaming as Neowiz is all set to roll out a crypto golf gaming title.

According to the reports, the gaming regulators in South Korea have banned the domestic release of blockchain- and crypto-themed games that leverage NFTs and in-game currencies whose trade can be made on crypto exchanges. The gambling laws in the country are the strictest in Asia, and even put crypto gaming in the category of gambling or speculative activity. 

However, the nation’s position on this can change as President-Elect Yoon Suk-yeol comes to power in May. Yoon has already made promises to grow domestic crypto and NFT-related business in South Korea, however, only time will tell if he fulfills those promises. 

Meanwhile, Neowiz has already revealed the launch of Crypto Golf Impact, a game on the Klaytn blockchain protocol. Internet giant Kakao and its Ground X subsidiary have together come up with the network. 

New players who own Neofin (a Neowiz subsidiary) crypto wallets will receive some USD 161,000 worth of its native Klay (KLAY) token. As per the reports of EBN, 7,000 new users will get a maximum of around USD 20 worth of tokens. While the winners will be announced on March 23, the interested individuals will have to register before March 23. However, the game will be released in April– on the Apple store and Google Play. 

Several domestic crypto exchanges along with international traditional platforms have listed the token. 

It is also interesting to note that there was no mention of South Korean users in regards to if they can access the title through the marketplaces. While some domestic companies by releasing their titles directly have attempted to bypass the gaming regulator rather than releasing their titles directly to marketplaces.

Other rival firms are also planning their moves to shape the emerging industry along with Neowiz’s developments. WeMade, known for releasing crypto gaming titles, developing exchange plans, and launching its own coin, is among them. 

However, Neowiz has developed its own token, while the developer of the Summon War series, Com2Us has collaborated with FTX, the crypto exchange for an initial exchange offering (IEO). 

USD 480 will be the minimum bid on the IEO. Further, the media outlets say that to cause a “bubble” in the market, the expectations are enough. 

ALSO READ: DMU’s senior lecturer believes crypto is centralized

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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