Krafton PUBG Developer Teams Up With Solana Labs To Launch Play-To-Earn Crypto Games

Krafton, a South Korean gaming conglomerate established by billionaire Chang Byung-gyu, is expanding its crypto empire by teaming up with blockchain startup Solana Labs to create play-to-earn crypto games.

On Wednesday, the developer of the popular video game PlayerUnknown’s Battlegrounds (PUBG) revealed that it has formed a deal with Solana Labs to create blockchain games that allow players to earn NFTs (non-fungible tokens). NFTs are one-of-a-kind digital assets kept on a blockchain that prove ownership of a specific item, such as in-game assets, photographs, or artworks.

Solana Labs is the developer of the Solana blockchain, which has recently risen to challenge Ethereum’s dominance as more developers use it for decentralized finance projects. Sam Bankman-Fried, the millionaire founder of crypto exchange FTX, is one of its famous investors.

Blockchain games, which reward players with cryptocurrencies and NFTs for winning battles or completing in-game tasks, have become one of the hottest trends in the industry over the past year. They accounted for nearly 50% of all usage in the blockchain industry last year, and attracted $4 billion in investments during the same period, according to analytics platform DappRadar.

Krafton raised $3.8 billion in Korea’s second-largest initial public offering in August

Krafton has been increasing its bets on crypto and blockchain technologies. Last month, the firm said it would team up with Naver Z, the subsidiary of billionaire Lee Hae-jin’s tech behemoth Naver, to develop a metaverse platform that allows users to interact virtually via avatars.

Krafton’s latest collaboration with Solana Labs comes as many of its competitors jostle for a slice of the lucrative blockchain gaming market. Netmarble, the online gaming company founded by billionaire Bang Jun-hyuk, in January revealed plans to roll out about a dozen of play-to-earn blockchain games. Meanwhile, Wemade also developed a blockchain battle game called MIR4, which has become a hit and catapulted its founder Park Kwan-ho to become a billionaire.

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