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Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators

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The interesting thing to learn from Korea Blockchain Week is that more and more web3 innovation is happening in cryptocurrency and blockchain.

Every year, Korea Blockchain Week is a big event in the world of blockchain and cryptocurrencies. Recently, the event took place, and professionals, fans, and innovators from all over the world showed up. This annual event is a place to show off new developments, talk about industry trends, and find out what blockchain technology can do. In this article, we talk about the most important things we learned at Korea Blockchain Week. We focus on key insights and developments that could change the future of blockchain technology.

One of the most interesting things to learn from Korea Blockchain Week is that more and more web3 innovation is happening in Asia, especially in Japan and South Korea. The West has a huge market in web3, which has made people look more closely at the East for new ideas. People at the Seoul event were very excited about web3 technologies, especially when it came to gaming. South Korea has been a leader in esports and free-to-play games in the past, so it is likely to be a leader in web3 as well. This is shown by the many projects going on in the area, even though they can’t be played in the country right now because of legal restrictions.

Web3 Gaming Economy Innovations

Key people in the gaming industry took part in Korea Blockchain Week in a big way. Wemade, a major sponsor of the event and a well-known mobile game publisher, showed off its new cross-chain solution called unagi (Unbound Networking and Accelerating Growth Initiative). This solution makes it easier to move assets between blockchains and keep track of them. Wemade’s una wallet, which is set to come out in Q4, will be a key part that can be used through browser extensions and mobile apps. At first, the una wallet will likely support eight chains, including Ethereum and BNB Smart Chain, which are two of the most popular gaming blockchains.

During the event, Planetarium Labs, the company that made the MMO Nine Chronicles, made an important announcement. They showed off Verse8, a “open-source decentralized roguelike RPG protocol.” Verse8 is not just another game; it is also a protocol with a set of tools for making, distributing, and making money from worlds. Verse8 wants to make multiplayer games, gaming communities, and virtual economies possible by encouraging collaboration and giving everyone a set of tools for making RPGs that everyone can utilize. This move shows how the gaming industry as a whole is working to improve decentralized gaming ecosystems and get players and communities more involved.

Netmarble’s Pioneering Web3 Initiatives

Netmarble, a well-known mobile game publisher from South Korea, has become a key player in the world of web3 games. Even though there are problems, Netmarble is still stick to web3. The company has a sound reputation for putting out high-quality games on a regular basis and working with big brands like Marvel, DC, and Jurassic World. Netmarble’s most recent games are The King of Fighters ARENA and Meta World: My City. But none of them has become well-known yet.

Netmarble wants to use blockchain technology to make web3 easier to use for players who aren’t used to it. This is especially important on mobile platforms, where the company has a strong global presence. The fact that they created gMBXL as a single in-game currency for the Marblex ecosystem shows how committed they are to simplifying token economics and making tokens more useful across games.

Story Protocol: Democratizing IP Creation

During Korea Blockchain Week, Story Protocol made big steps toward changing the way people make intellectual property (IP). Story Protocol, which has been called “Git for IP,” is using blockchain technology to make IP creation easier for everyone. This goes beyond game IP and into other areas. The platform encourages contributions, remixing, and making money by putting an emphasis on clear attribution and automatic royalty payments. With $54 million in funding led by a16z, Story Protocol is ready to change how IP is managed, verified, and used across creative industries.

Challenges and Shift in Mindsets

But the path to using web3 is not without problems. South Korea is having trouble because games with NFTs or cryptocurrencies are banned all over the country. Even so, it’s clear that the gaming community is determined to keep going. Developers are working hard to find ways around these limits while still keeping the spirit of web3 gaming alive.

A lot of attention is also paid to how South Korea and Japan take different approaches to tokenomics models and NFT ownership. Korea has often focused on play-to-earn models, while Japan has favored NFT ownership. KBW 2023 suggests that there will be a change in the way people think, with South Korea gradually adopting Japan’s NFT-focused approach.

Korea Blockchain Week 2023 was memorable because it showed how hard South Korea is trying to get into web3 gaming and blockchain. Throughout the event, everyone could feel the excitement and see how determined they were to overcome problems. The transformative journey ahead is shown by the creative use of web3 in well-known IPs like MapleStory and the exploration of blockchain’s potential outside of gaming.

Frequently Asked Questions (FAQ) About Korea Blockchain Week 2023

Q1: What is Korea Blockchain Week 2023?

A1: Korea Blockchain Week 2023 is a prominent annual event in the world of blockchain and cryptocurrencies. It serves as a global platform for professionals, enthusiasts, and innovators to gather, discuss industry trends, showcase developments, and explore the potential of blockchain technology.

Q2: What were the key takeaways from Korea Blockchain Week 2023?

A2: Some of the key takeaways from Korea Blockchain Week 2023 include:

  • Rise of Web3 Innovation: The event highlighted the increasing prominence of web3 innovation, especially in Asia, with a particular focus on Japan and South Korea.
  • Web3 in Gaming: The gaming industry was a major focus, with notable developments in web3 gaming technologies. South Korea’s strong history in esports and free-to-play games positions it as a potential leader in web3 gaming.
  • Innovations in Web3 Gaming Economy: Wemade, a major sponsor, introduced its cross-chain solution, “unagi,” aimed at simplifying asset transfer between blockchains. Planetarium Labs unveiled “Verse8,” an open-source decentralized RPG protocol fostering collaboration and virtual economies.
  • Netmarble’s Web3 Initiatives: Netmarble, a well-known South Korean mobile game publisher, is actively engaged in web3 gaming, simplifying it for players unfamiliar with blockchain technology.
  • Story Protocol’s IP Revolution: Story Protocol, known as “Git for IP,” aims to democratize intellectual property (IP) creation using blockchain technology, with $54 million in funding.
  • Challenges and Shifts in Mindsets: Despite enthusiasm for web3 gaming, South Korea faces challenges due to legal restrictions on games involving NFTs and cryptocurrencies. A shift in tokenomics models and NFT ownership approaches is also noticeable.

Q3: Who were the key players and studios at Korea Blockchain Week 2023?

A3: Notable key players and studios at Korea Blockchain Week 2023 included:

  • Wemade: A major mobile game publisher that introduced the cross-chain solution “unagi” and the upcoming “una wallet.”
  • Planetarium Labs: The creators of the MMO Nine Chronicles, who unveiled “Verse8,” an open-source decentralized roguelike RPG protocol.
  • Netmarble: A well-known South Korean mobile game publisher with a strong global presence, actively exploring web3 gaming.
  • Story Protocol: A platform using blockchain technology to revolutionize intellectual property (IP) creation, backed by $54 million in funding led by a16z.

Q4: What are some examples of games mentioned in the article?

A4: The article mentions several games and projects:

  • Nine Chronicles: An MMO developed by Planetarium Labs.
  • The King of Fighters ARENA: A game by Netmarble.
  • Meta World: My City: Another game by Netmarble.
  • MapleStory: An established IP exploring web3 applications.

Q5: What is the significance of “unagi” and the “una wallet”?

A5: “Unagi” is a cross-chain solution introduced by Wemade at the event. It simplifies asset transfer between blockchains. The “una wallet” is an integral component set to release in Q4, facilitating easy access through browser extensions and mobile apps. Initially, it will support eight chains, including Ethereum and BNB Smart Chain, prominent gaming blockchains.

Q6: How is Netmarble contributing to web3 gaming?

A6: Netmarble, a renowned South Korean mobile game publisher, is actively engaged in web3 gaming. They aim to make web3 more accessible to players unfamiliar with the technology, particularly on mobile platforms where they have a strong global presence. Netmarble introduced “gMBXL” as a unified in-game currency for the Marblex ecosystem, simplifying token economics and enhancing token utility across games.

Q7: What is “Verse8,” and what does it aim to achieve?

A7: “Verse8” is an open-source decentralized roguelike RPG protocol unveiled by Planetarium Labs. It’s not just a game but also a protocol equipped with tools for creating, distributing, and monetizing virtual worlds. The goal is to encourage collaboration, foster multiplayer gaming, gaming communities, and virtual economies, and empower individuals to design RPGs.

Q8: How is Story Protocol changing intellectual property (IP) creation?

A8: Story Protocol, often referred to as “Git for IP,” is leveraging blockchain technology to democratize IP creation across various domains. It emphasizes contributions, remixing, and revenue generation while ensuring clear attribution and automatic royalty payments. With substantial funding of $54 million led by a16z, Story Protocol seeks to transform the management, verification, and utilization of IP within creative industries.

Q9: What challenges does South Korea face in the adoption of web3 gaming?

A9: South Korea faces challenges in the adoption of web3 gaming due to a nationwide ban on games involving NFTs or cryptocurrencies. Developers are actively working to find solutions to these limitations while preserving the essence of web3 gaming.

Q10: How are South Korea and Japan approaching tokenomics models and NFT ownership differently?

A10: South Korea has historically favored play-to-earn models in gaming, while Japan has leaned towards NFT ownership. The trends observed at Korea Blockchain Week 2023 suggest a gradual shift in South Korea’s mindset towards adopting Japan’s NFT-focused approach.

Q11: What makes Korea Blockchain Week 2023 memorable?

A11: Korea Blockchain Week 2023 is memorable because it showcased South Korea’s determined efforts to excel in web3 gaming and blockchain technology. The event radiated excitement and determination to overcome challenges, demonstrating the transformative potential of web3 within established IPs like MapleStory and the exploration of blockchain’s broader applications beyond gaming.

Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators
Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators

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Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators

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Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators

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Insights from Korea Blockchain Week 2023: Web3 Gaming, Blockchain Trends, and Key Innovators