South Korean mobile game developer NHN has announced its entry into the world of cryptocurrency and blockchain through a partnership with Mysten Labs, the owner of the Sui blockchain. This collaboration aims to develop games for players in the industry and leverage the benefits of blockchain technology.
In an official press release dated September 21, NHN’s gaming division revealed its expansion into the Web3 ecosystem, following in the footsteps of other South Korean gaming companies such as Krafton, Com2us, and Nexon. These companies have already embraced blockchain technology in game development, recognizing its potential to revolutionize the gaming industry.
NHN, a renowned IT company globally recognized for its success in the gaming industry, has a strong track record of creating engaging gaming experiences and retaining users. With popular titles like Hangame Poker and Crusaders Quest, NHN has garnered a substantial user base of approximately 37 million players across various gaming platforms on mobile and desktop devices.
Building on this foundation, NHN is now venturing into the crypto gaming realm to cater to the growing Web3 audience. As part of its Web3 strategy, the company will leverage the Sui blockchain to develop new games that will introduce non-fungible tokens (NFTs) and crypto tokens designed specifically for these games.
Although the precise details of how NHN plans to integrate NFTs and crypto tokens are still being finalized, the company’s head of business development, Jine Lee, hinted at the possibility of enabling gamers to trade in-game items such as NFTs and introducing crypto token-based rewards.
CEO of NHN Corporation, Ujin Chung, described the company’s motivation for entering into the emerging economy as a “paradigm shift” in the gaming industry. He emphasized the company’s aim to merge the inherent value of game content with the in-game economy through the concept of tokenomics.
NHN’s choice of the Sui blockchain for its crypto game development is based on the blockchain’s low transaction fees, fast processing time, and high scalability. CEO Chung revealed that the network stood out for the company due to its expertise and the innovative capabilities of Sui.
The Sui blockchain, launched by Mysten Labs in May 2023, is built on an object-centric model based on the Move programming language. This enables parallel execution, sub-second finality, and rich on-chain assets.
Mysten Labs CEO Evan Cheng expressed his excitement about the partnership with NHN, emphasizing the goal of making Web3 accessible to billions of users worldwide. He highlighted the importance of attracting a substantial user base and referred to it as “stickiness” for users, highlighting the potential of Web3 in terms of daily active users.
This collaboration between NHN and Mysten Labs marks NHN’s entry into the world of cryptocurrency and blockchain gaming. With its deep expertise in game development and a large user base, NHN is well-positioned to make its mark in the emerging Web3 economy. By leveraging the benefits of blockchain technology and introducing NFTs and crypto tokens, NHN aims to create immersive gaming experiences and tap into the growing demand for crypto games.
