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The crypto boom is taking its turn in South Korea in its full form since the past few years. The investors wished to trade their gaming business in the crypto-market. South Korea was the third largest country to trade in bitcoins. A recent survey shows that seven Koreans have made their recent investments in crypto. The business world and even the government has made investments in the crypto-world and have reached the top third ranking in the world.
Top Korean Gaming companies in the Crypto-market
The country’s leading gaming companies created their new business models by creating blockchains in the crypto-world. Some of them were Smilegate, Yello mobile, Nexon, NHN entertainment and Netmarble. Their main motive is to increase their revenue by investing on the gaming characters in cryptocurrency and use it as an exchange for their gaming items.
Smilegate won huge profit in the crypto investments in 2016. The users earn Steemcoins by getting highest view counts, post likes and comments. This game giant has made partnership with a local blockchain startup company. Yello Mobile has won a huge deal by trading in Coinone in the crypto space. Nexon, a video game company a huge revenue raise in the game business after its investments in the blockchain technology. NHN made the largest exchange in OKCoin and won the cryptocurrency trading of the year 2017. Netmarble, a big gaming giant made a tactic investment in cryptocurrency where the game players can purchase things and make an open transaction using the Blockchain technology.
Blockchain Games in Korea
Korea’s biggest gaming dons namely Naver and Kakao, own blockchain studios called Unblock and GroundX. Both these studios have deployed many blockchain based apps and have seen their revenue raise. Many other gaming companies are also working on creating blockchain apps and aims to commercialize the blockchain in the gaming industry. Mobile blockchain apps have seen success in the past few years. The main aim of these gaming companies to invest in the crypto market is that, it allows its game users to use cryptocurrencies in exchange for game items. Koreans are known for their passion in spending money on game purchases, in-app purchases, plugins and game characters. CryptoKitties apps has already won the heart of many young users in games. People have understood that virtual buying and storing of a character is similar to buying and storing a digital currency. The payment transaction is secured efficiently in the gaming blockchain technology.
Even with all these crypto investments by the Korean gaming companies in the past two years, Korea’s blockchain technology is still considered to be the slowest among the developing countries.