Playing Games and Earning Money... 'Igeot' That Taekjin Hyung Is Also Joining [Buaeri's Game Dictionary]

Kim Taek-jin, CEO of NCSoft

[Asia Economy Reporter Bu Aeri] The elder statesman of the gaming industry, NCSoft, will unveil a game incorporating non-fungible token (NFT) technology next year. The domestic gaming industry has identified 'Play to Earn (P2E)' as a new growth opportunity.

Can ordinary people really make money through games?

P2E is gaining attention as a new business model (BM) in the gaming industry. By integrating NFT technology, it enables the monetization of in-game items, creating so-called 'money-making games.' Unlike traditional games, users own the in-game items. Players can earn tokens through gameplay and trade game items on NFT platforms, converting them into cash.

Some game companies have already experienced success by integrating NFT technology. Wemade offers a P2E experience in the global version of 'Mir4.' In Mir4, the in-game currency 'Heukcheol' can be converted into the utility coin 'Draco.' Draco can then be converted into WEMIX coins and traded on cryptocurrency exchanges. Users can own and sell items or characters. Com2uS is also planning to implement a P2E model in 'Summoners War: Chronicles,' scheduled for release next year.

NCSoft has formed an internal task force (TF) to prepare games applying NFT technology. Although the specific game title has not been disclosed, there is a high possibility that NFT technology will be applied to Lineage. Hong Won-jun, NCSoft's Chief Financial Officer (CFO), hinted at this during the Q3 earnings conference call on the 11th, stating, "You probably know well which game it will be applied to without me saying," and added, "We believe that the massively multiplayer online role-playing game (MMORPG) genre is the most suitable for application," implying Lineage. NCSoft appears to be seeking new growth drivers through this business amid ongoing criticism of loot boxes and sluggish performance.

Netmarble has also embarked on developing games linked with blockchain and NFTs. Netmarble CEO Kwon Young-sik stated, "We will explain through various lineups early next year." Additionally, Kakao Games and Gamevil have announced plans to establish NFT marketplaces.

The game that captivated the Philippines with '1 million KRW monthly earnings'... Regulations in Korea

Overseas, P2E games incorporating blockchain technology are already gaining popularity. A representative example is 'Axie Infinity.' Developed by the Vietnamese startup game company Sky Mavis, this game became a trend in Southeast Asia, including the Philippines, known as a 'game that earns 1 million KRW per month.' There is even a documentary featuring people paying bills and repaying debts through Axie Infinity. Players can generate income by selling in-game activities or characters.

However, there is still significant uncertainty about launching blockchain-integrated games in the domestic market. The Game Rating and Administration Committee refuses to rate such games due to concerns about gambling. The committee views the fact that 'NFTs obtained through random game progression results can be freely traded and monetized' as grounds for refusal under the Game Industry Promotion Act.

As a result, domestic game companies are currently focusing on global markets. Although discussions have taken place in the National Assembly's Culture, Sports and Tourism Committee, coordination among government ministries remains challenging. A Culture Committee official stated, "While discussions on amending current laws are necessary, issues such as coordination with the Financial Services Commission make short-term improvements difficult."

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