NHN Company, a South Korean leisure conglomerate with complete belongings of greater than US$2.4 billion, introduced on Friday a partnership with US-based Mysten Labs, builders of the Sui blockchain, to launch an on-chain sport deliberate for 2024, regardless of South Korea’s ban on all video games associated to blockchain. In a press launch on Friday, Mysten Labs stated the Sui blockchain is properly suited to assist video games, given its low charges, quick transactions and excessive scalability.
South Korea has the fourth largest gaming market on this planet. In keeping with a January report from the Korea Artistic Content material Company, the corporate’s annual income in 2021 was practically 21 trillion Korean gained (US$15.72 billion). Video games that use cryptocurrencies or NFTs are prohibited in South Korea. The legislation is enforced by the Sport Score and Administration Committee and prohibits corporations from encouraging speculative conduct by gamers by cashable rewards.
South Korean president Yoon Suk-yeol promised to raise the ban on P2E video games throughout his election marketing campaign final yr. However he has but to satisfy his promise. South Korean P2E sport makers have launched blockchain-based video games abroad in hopes that the native ban will likely be lifted.
Picture: The Cryptonomist