Korbit Signs MOU with EastGames for NFT Market

Eastgames Plans to Utilize IPs Including 'Cabal Online'

Korbit, a domestic cryptocurrency exchange, announced on the 19th that it has signed a business agreement with EastGames for the sale of non-fungible tokens (NFTs). From the left, Hyungbaek Lee, CEO of EastGames, Sejin Oh, CEO of Korbit (Provided by Korbit)

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Korbit announced on the 19th that it has signed a memorandum of understanding (MOU) with Eastsoft's gaming subsidiary Eastgames for the sale of non-fungible tokens (NFTs).

The two companies agreed to sell the intellectual property (IP) owned by Eastgames on Korbit's NFT marketplace. The initial minting of the works to be exhibited will be conducted through mutual consultation between the two companies, and Korbit will be solely responsible for NFT creation and sales. Minting refers to the process of assigning a unique identification value using blockchain technology to digitalized image copyrights to prevent easy copying.

Eastgames owns IPs such as "Cabal Online," "Cabal 2," "Cabal Mobile," and "Goyang-i Dabang." In 2018, it released the mobile pet game "Million Kitty" and introduced cat IPs that are tamper-proof through blockchain technology.

Korbit plans to showcase NFT works utilizing Eastgames' IP. Additionally, related NFT merchandise will also be introduced.

Sejin Oh, CEO of Korbit, said, "We are pleased to introduce Eastgames' IP, a leader in blockchain gaming, on the Korbit NFT market," adding, "By combining Eastgames' diverse IPs with a long-standing fan base and Korbit's blockchain technology, we will present NFTs that bring enjoyment to users."