In the next three years, the majority of games might have an in-game cryptocurrency economy, according to researchers from South Korea.
South Korea is the fourth largest gaming market and one of the largest adopters of blockchain technology. Due to the crypto integration, the country has outlawed play-to-earn (P2E) blockchain games. Yoon Suk-yeol, the new pro-crypto president, had alluded to easing the restriction, but the administration has yet to demonstrate any major effort.
GameFi is a logical fit for Korean game publishers, according to Anthony Yoon, managing partner of blockchain investment and accelerator firm ROK Capital. During the Korean Blockchain Week 2022, Yoon shared insight on the present state of GameFi in the country and how game studios are approaching blockchain integration (KBW).
Yoon noted that Web2 gaming organisations seeking to transition to web3 and blockchain gaming have two distinct mindsets. Whereas one team seeks to gain value from their products and build their blockchain ecosystem from scratch, with token integration as the final step, the other camp is prepared to issue a token first and outsource the technology.
Yoon noted that the appeal of global blockchain initiatives such as Solana (SOL) and Polygon (Matic) in comparison to national Korean businesses is reliant not only on the amount of capital they bring in, but also on the infrastructure and ecosystem they provide. He elaborated:
“From a feasibility standpoint, I believe that these gaming studios also consider the users on this chain. Exists an ecosphere on this chain? Existe-t-il des infrastructures sur la chaîne?”
Yoon also stated that while native chains play an important role in the development of the ecosystem, the primary objective of gaming companies is to construct for a global ecosystem.
Henry Chang, the chief executive officer of WeMade, discussed current trends in the GameFi industry, its possible future, and WeMade’s new gaming blockchain platform, Wemix.
Chang stated that despite the fact that crypto-integrated blockchain games are prohibited in Korea, crypto has a clear use in the gaming sector. He stated that crypto would be integrated into the majority of games within the next few years. For crypto games to be successful, he concluded, they must feature a robust in-game economy.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
