Games

South Korean game developers are actively adopting NFT

Korean mobile and online game developers are attracting gamers with non-fungible token (NFT) -based services, taking advantage of what is considered the future of the gaming industry. In addition, this has a positive effect on the stock quotes of gaming studios.

Image source: xdraco.com

Image source: xdraco.com

NFT is a digital asset that includes any content, including text, images and video; an asset’s ownership record is tracked on the blockchain and is usually bought with cryptocurrency. In the game world, an NFT asset can be a character, vehicle, weapon, or any other object that is used to solve specific problems – and this object can be exchanged for digital money. However, Korean regulators have banned NFT games in the country for fear that they could contribute to gambling addiction among children and adolescents, so these games are only available outside the country.

Local regulators did not stop South Korean developer Wemade from releasing MIR4 using NFT at the end of August. The game attracted more than 1.3 million users overseas, which saw its share price soar more than 600% since launch and more than 11 times its market value to 6.6 trillion won ($ 5.55 billion). Developed by Vietnamese unicorn Sky Mavis, the NFT game Axie Infinity has attracted 1.8 million gamers worldwide, with daily transactions of $ 33 million as of August.

In MIR4, players can now only earn on the extraction of “dark steel” – the main resource that increases the power of weapons and characters, and it can also be converted into the WEMIX cryptocurrency. An Young, head of public relations at Wemade, told Reuters that soon users will be able to trade in-game items on the company’s XDRACO platform. Next year, the studio will release another NFT game, Rise of Stars. WEMIX has traded in the $ 17.50-21.64 range over the past 24 hours, up from $ 0.21 at the start of the year, according to CoinMarketCap.

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Alan Foster

Alan Foster covers computers and games and all the news in the gaming industry.

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