KBW 2022: Game Developers Embrace P2E Platforms Despite Restrictions

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  • During KBW, speakers highlighted future plans for South Korean game studios.
  • South Korean President hints at lifting the ban on P2E blockchain gaming.
  • Anthony Yoon revealed some key points from the event.

Despite South Korea’s constraint on Play-to-Earn (P2E) blockchain gaming, the nation is still considered the fourth biggest gaming market and one of the biggest blockchain adopters. The Korea Blockchain Week (KBW), a week-long blockchain conference, substantiated so while highlighting all the future plans and adoption for blockchain technology, cryptocurrency, DeFi, NFT, Metaverse, and Web3.

Anthony Yoon, the managing partner of blockchain investment and accelerator of ROK Capital, a hedge fund company, revealed during the event about the current situation of GameFi and critiques that game studios are taking towards blockchain integration in the country.

Additionally, Yoon reveals that Web2 game companies are swinging to Web3 gaming. He further unfolded that Korean projects’ popularity is not just dependent on the amount of capital they attract, but the infrastructure and ecosystem they have to offer. Likewise, he expressed how native chains are a game changer in ecosystem development with the focus on building a global ecosystem.

From a feasibility perspective, I think something that these game studios also look at – are their users on this chain. Is there an ecosystem on this chain? Is there infrastructure on the chain?

The President of South Korea, Yoon Suk-Yeol, hints at lifting the ban on P2E blockchain gaming. However, so far there are no official statements from the South Korean government about lifting the ban.

Furthermore, at the event, a mobile game developer Com2uS emphasized their plans to launch its own version of Web3. Kyu Lee, president of the company, said, “It was almost a no-brainer, [wouldn’t] you like to play a game that gives digital world ownership? I think everything is going to flow to games. We had to put everything that we have to solidify our position in this market.”

Lee stressed that with this new version of Web3, users would no longer have to deal with the hassle of initial integration.

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