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South Korea’s Neowiz Levels Up With Avalanche In Web3 Gaming Collaboration

Key Points:

South Korean game publisher Neowiz is entering the Web3 gaming arena through IntellaX and has joined Avalanche Arcad3.
Neowiz is the fourth top-100 gaming company by market cap to align with Avalanche.
This partnership aims to boost Neowiz’s Web3 gaming expertise and create a thriving Web3 gaming industry.

Leading South Korean game publisher Neowiz is making waves in the world of blockchain gaming, as it announces its foray into the burgeoning Web3 gaming space through its division, IntellaX. Neowiz, a top-five game company in South Korea by market value, is set to join forces with the Web3 game education project, Avalanche Arcad3.

South Korea's Neowiz Levels Up With Avalanche In Web3 Gaming Collaboration 2

The partnership marks a significant step for Neowiz, known for its 25-year track record of popular titles like “Cats & Soup” and the highly anticipated “Lies of P,” a souls-like game inspired by Pinocchio, expected to be a top seller in 2023, with Q2 2023 revenue already reaching $51 million.

The collaboration between Neowiz and Avalanche Arcad3 will be officially sealed at Avalanche House Seoul 2023, a one-day conference within Korea Blockchain Week.

IntellaX, Neowiz’s Web3 arm, will take center stage for a strategy chat with Ed Chang, Head of Gaming at Ava Labs, the organization behind the blockchain.

This strategic alliance comes amid the network’s rising momentum in Asia, particularly in South Korea and the gaming sector. Neowiz becomes the fourth top-100 gaming company by market cap to align with Avalanche, joining East Asian giants like Alibaba, Tencent, and GREE.

A recent Xangle research report highlights that nearly 70% of the top 100 gaming companies are based in Asia, with Korean companies leading the charge in blockchain game development.

Avalanche Arcad3, a collaborative Web3 gaming education program, boasts an impressive first cohort, including TSM/Blitz, Shrapnel, Merit Circle, and Neowiz. This initiative offers in-depth content, technical support, networking, and more, positioning Neowiz to make a substantial entry into the exciting world of Web3 gaming.

As Neowiz and Avalanche Gaming join forces, they aim to lay the foundation for an immersive, high-quality Web3 gaming industry, driven by shared expertise and innovation.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.