Even Though P2E Games Are Banned In Korea, They’re Breaking Through Overseas
Key Points:
- While Korean services for P2E games using cryptocurrencies and NFTs are virtually blocked, domestic P2E games that have entered overseas markets are showing prominence.
- Korean company Netmarble’s “Second Country: Cross World” and WeMade’s “Mir 4” ranked first and second in the global P2E games last year.
- Korean companies will launch more P2E games in overseas markets this year.
While Korean services for play-to-earn (P2E) games using crypto and non-fungible tokens (NFTs) are virtually blocked, P2E games that have entered overseas markets are showing prominence. Companies that have tried domestic services are also turning to overseas.
SkyPeople plans not to appeal in the lawsuit for canceling the refusal of the rating for Five Stars for Clayton. Previously, SkyPeople lost the first trial judgment held at the Seoul Administrative Court on January 13. The Game Management Committee refused to classify Five Stars for speculative reasons in 2021, and SkyPeople filed an administrative lawsuit against the Game Committee in July 2021.
The reason SkyPeople made this decision was that it judged that there was little possibility of official service of P2E games under the current Game Industry Promotion Act.
The current law prohibits game operators from promoting speculative behavior by providing prizes, etc., but the first trial judge viewed NFT items in Five Stars as prizes. This is because item ownership is permanently vested in the user and is freely traded through an exchange outside the game. SkyPeople argued that it could not be regarded as a gift, but the court judged differently.
The results of the first trial judgment on Natris, another P2E game lawsuit to be held on January 31, are expected to be similar. Natris also filed an administrative lawsuit against the Game Board for canceling the rating of Infinite Breakthrough: Three Kingdoms Reverse.
It is an observation that it is highly likely to see it as a prize because it pays out Mudolcoin, a cryptocurrency that can be exchanged at the exchange during the gameplay process. Unless the current game law is revised, it is expected that it will be virtually difficult to service P2E games normally in Korea.
In contrast, domestic P2E games in global service are producing results. According to Sensor Tower, a mobile app data analysis company, among P2E games last year, Netmarble’s Second Country: Cross World ranked first in global sales combined with Google Play and Apple’s App Store, and WeMade’s Mir 4 ranked second.
Most of the domestic game companies servicing P2E games are developing the business only overseas, and the two games also introduced it only in the global version. In terms of profits earned in regions other than Korea, the second country and Mir 4 kept first and second place.
In the first quarter of this year, Netmarble will globally release ‘Everyone’s Marble: Meta World’ and Wemade will release ‘Mir M: Vanguard and Vagabond’ side by side. Com2uS and Neowiz are also expected to introduce P2E games overseas. SkyPeople, which ended domestic service for Five Stars on January 20, will also launch its overseas business in earnest by releasing the game in 100 countries on January 25. An official from the game industry said:
“It seems the best for P2E games to focus on the global market for the time being.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
GameFi
Even Though P2E Games Are Banned In Korea, They’re Breaking Through Overseas
Key Points:
- While Korean services for P2E games using cryptocurrencies and NFTs are virtually blocked, domestic P2E games that have entered overseas markets are showing prominence.
- Korean company Netmarble’s “Second Country: Cross World” and WeMade’s “Mir 4” ranked first and second in the global P2E games last year.
- Korean companies will launch more P2E games in overseas markets this year.
While Korean services for play-to-earn (P2E) games using crypto and non-fungible tokens (NFTs) are virtually blocked, P2E games that have entered overseas markets are showing prominence. Companies that have tried domestic services are also turning to overseas.
SkyPeople plans not to appeal in the lawsuit for canceling the refusal of the rating for Five Stars for Clayton. Previously, SkyPeople lost the first trial judgment held at the Seoul Administrative Court on January 13. The Game Management Committee refused to classify Five Stars for speculative reasons in 2021, and SkyPeople filed an administrative lawsuit against the Game Committee in July 2021.
The reason SkyPeople made this decision was that it judged that there was little possibility of official service of P2E games under the current Game Industry Promotion Act.
The current law prohibits game operators from promoting speculative behavior by providing prizes, etc., but the first trial judge viewed NFT items in Five Stars as prizes. This is because item ownership is permanently vested in the user and is freely traded through an exchange outside the game. SkyPeople argued that it could not be regarded as a gift, but the court judged differently.
The results of the first trial judgment on Natris, another P2E game lawsuit to be held on January 31, are expected to be similar. Natris also filed an administrative lawsuit against the Game Board for canceling the rating of Infinite Breakthrough: Three Kingdoms Reverse.
It is an observation that it is highly likely to see it as a prize because it pays out Mudolcoin, a cryptocurrency that can be exchanged at the exchange during the gameplay process. Unless the current game law is revised, it is expected that it will be virtually difficult to service P2E games normally in Korea.
In contrast, domestic P2E games in global service are producing results. According to Sensor Tower, a mobile app data analysis company, among P2E games last year, Netmarble’s Second Country: Cross World ranked first in global sales combined with Google Play and Apple’s App Store, and WeMade’s Mir 4 ranked second.
Most of the domestic game companies servicing P2E games are developing the business only overseas, and the two games also introduced it only in the global version. In terms of profits earned in regions other than Korea, the second country and Mir 4 kept first and second place.
In the first quarter of this year, Netmarble will globally release ‘Everyone’s Marble: Meta World’ and Wemade will release ‘Mir M: Vanguard and Vagabond’ side by side. Com2uS and Neowiz are also expected to introduce P2E games overseas. SkyPeople, which ended domestic service for Five Stars on January 20, will also launch its overseas business in earnest by releasing the game in 100 countries on January 25. An official from the game industry said:
“It seems the best for P2E games to focus on the global market for the time being.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Other Posts
Latest
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
Press Release
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
