South Korean Entertainment Firm NHN Will Create Blockchain Games On Sui

NHN Company, a South Korean leisure conglomerate with whole property 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 recreation 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 effectively suited to help video games, given its low charges, quick transactions and excessive scalability.

South Korea has the fourth largest gaming market on the planet. In accordance with a January report from the Korea Inventive Content material Company, the corporate’s annual income in 2021 was almost 21 trillion Korean received (US$15.72 billion). Video games that use cryptocurrencies or NFTs are prohibited in South Korea. The regulation is enforced by the Recreation Score and Administration Committee and prohibits companies from encouraging speculative habits by gamers by cashable rewards.

South Korean president Yoon Suk-yeol promised to carry the ban on P2E video games throughout his election marketing campaign final 12 months. However he has but to meet his promise. South Korean P2E recreation makers have launched blockchain-based video games abroad in hopes that the native ban can be lifted.

Picture: The Cryptonomist