Coinspeaker
NHN Embraces Web3, Taps Sui Blockchain for Crypto Games
South Korean mobile game developer NHN has joined the crypto bandwagon through a partnership with Mysten Labs, the owner of the Sui blockchain, to develop games for players in the industry.
In an official press release dated September 21, the company’s gaming division announced its expansion into the Web3 ecosystem, joining the ranks of South Korean gaming companies such as Krafton, Com2us, Wemade, Nexon, Neowiz, NCSoft, and OneUniverse, all of which have embraced blockchain technology in game development.
NHN to Venture into Crypto Games
NHN, a globally recognized IT company and one of the leading developers of casino games in the APAC region, boasts a rich history of success in the gaming industry. With deep expertise in creating engaging gaming experiences and retaining users, the company has developed popular titles in the Web2 ecosystem, including Hangame Poker and Crusaders Quest.
Furthermore, the mobile game developer has cultivated a substantial user base of approximately 37 million players across various gaming platforms on mobile and desktop devices.
Building on this foundation, the South Korean company is now venturing into the crypto gaming realm to cater to a growing Web3 audience.
NHN to Introduce NFTs as In-Game Rewards for Players
As part of its Web3 strategy, the South Korean 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.
While the precise details of how NHN plans to integrate NFTs and crypto tokens are still being finalized, Jine Lee, the company’s head of business development, hinted at the possibility of enabling gamers to trade in-game items such as NFTs and introducing crypto token-based rewards.
Ujin Chung, the CEO of NHN Corporation, described the company’s motivation for entering into the emerging economy as a “paradigm shift” in the gaming industry. He also emphasized the company’s aim to merge the inherent value of game content with the in-game economy through the concept of tokenomics.
“Up to this point, there has been a lack of synergy between web3 and gaming. This synergy will be driven by growth and sustainability, the kind of which is best served by the minds who honed this skill in web2 and have a proven track record of success in creating experiences that users enjoy,” said Chung.
Low Transaction Fees and High Scalability
NHN said it chose the Sui blockchain for its crypto game development thanks to its 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 protocol, launched by Mysten Labs in May 2023, is built on an object-centric model based on the Move programming language, enabling parallel execution, sub-second finality, and rich on-chain assets.
Commenting on the partnership with NHN, Mysten Labs CEO Evan Cheng said that the company aims to create products that attract a substantial user base and make Web3 accessible to billions of users worldwide.
“What excites me about building with NHN is what we’re beginning to refer to as ‘stickiness’ for users. It’s a code web3, which has not cracked with daily active users on the most popular chains barely topping 300K. At Mysten Labs, our mission is to bring the benefits of web3 to the masses by the billions,” said he.
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NHN Embraces Web3, Taps Sui Blockchain for Crypto Games