Amidst the turbulence of a web3 bear market in the West, all eyes are turning towards Asia, particularly Japan and South Korea, for pioneering innovation in the web3 game economy. This shift in focus was unmistakably evident at Korea Blockchain Week in Seoul, where the enthusiasm for web3 technologies, especially in gaming, was palpable among attendees, though it's important to note that this was a self-selected group of industry enthusiasts.
During a fireside chat, Yuga Labs CEO Daniel Alegre emphasized South Korea's consistent leadership across multiple gaming sectors, from esports to free-to-play. With web3 projects already in development despite local restrictions on playing them, there's growing anticipation that South Korea could replicate this success in the web3 space.
Here are the major announcements from the event.
Get 1-month GTA+ subscription with pre-order.
Pre-Order GTA 6 Now
Wemade's growth strategy
Wemade, a major event sponsor behind the Wemix blockchain and Mir game series, revealed its expansion roadmap. The company currently hosts 32 games of varying quality on the Wemix platform. At the event, Wemade announced "unagi" (Unbound Networking & Accelerating Growth Initiative), a cross-chain infrastructure built to enable asset management and transfers between different blockchains. The una wallet launches in Q4 and will support eight chains, including Ethereum and Avalanche, though Immutable and Solana are notably missing.
The system looks tailored for Ethereum Virtual Machine (EVM) blockchains, but its ability to simplify asset transfers within the Wemix ecosystem is clear. This could make participating in the web3 economy of Mir M significantly easier.
Planetarium's new RPG projects
Planetarium Labs, the studio behind MMO Nine Chronicles, revealed two new web3 RPGs: Immortal Rising 2 and Verse8. Immortal Rising 2 is a competitive mobile idle RPG that will integrate web3 features like tokens, though specifics are still under wraps. Verse8 describes itself as an "open-source decentralized roguelike RPG protocol," designed to let developers build individual RPGs using shared toolsets, with emphasis on multiplayer experiences, gaming communities, and virtual economies.
Planetarium Labs has proven expertise in decentralized multiplayer tech through Nine Chronicles, which suggests this technology could power their new projects, though explicit confirmation hasn't arrived yet.
Netmarble's unified token approach
South Korean mobile publisher Netmarble delivered major updates through its Marblex blockchain division. Stella Fantasy from Ring Games will be the first title to adopt the new gMBXL token and tokenomics framework. This also makes Stella Fantasy the fifth game in the Marblex ecosystem and the only non-Netmarble title. Netmarble's web3 journey has included both wins and stumbles, with notable releases like Ni no Kuni: Cross Worlds and The King of Fighters ARENA.
Acknowledging the difficulty of managing separate tokenomics for each game, Netmarble wants to simplify the web3 experience by introducing gMBXL as a single currency across all games in its ecosystem. The goal is to boost token utility across multiple titles, though the approach carries some risk around potential arbitrage.
Story Protocol's IP infrastructure push
Story Protocol, which held a fireside chat on IP infrastructure, also closed a $54 million funding round led by a16z. Their goal is to democratize IP creation using blockchain technology, reaching beyond games but with a strong gaming focus. They plan to use blockchain for transparent attribution, automated royalty payments, and enabling contributions, remixing, and monetization. Potential integration of NFT projects in games and improved interoperability are also part of their vision.
What this means for web3 gaming in South Korea
These announcements show strong conviction in web3 gaming within South Korea. Language barriers may prevent Western audiences from fully recognizing the quality of web3 games in Korea's pipeline. Tokenomics models still need work, but there's clear intent to learn from past projects like Axie Infinity and avoid repeating their mistakes.
South Korea's nationwide ban on games featuring NFTs or cryptocurrencies remains a major hurdle. Promises to lift this ban haven't materialized, given the complexities of lobbying and government policy in the country.
Despite these obstacles, South Korean developers keep building web3 games, often adjusting elements to comply with regulations. The highly anticipated Nexon's MapleStoryUniverse, backed by a 20-year history and dedicated fanbase, could be a turning point if executed well.
South Korea's commitment to web3 gaming, despite the obstacles, positions it as a leading force in the industry. The future of web3 gaming in this region is worth watching closely.