NHN has become one of the South Korean brands including Krafton, Nexon, and Com2us, exploring the realms of crypto games.
Mysten Labs is a crypto and blockchain infrastructure technology company founded in September 2021 by four former Facebook engineers.
The company is focused on building the foundations for the decentralized future and accelerating the adoption of Web3.
Mysten Labs is building a proof-of-stake blockchain called Sui and an open-source programming language called Move.
It has raised $300 million at a valuation of $2 billion, tapping firms as backers such as Andreessen Horowitz, Binance Labs, Coinbase Ventures, Circle, Franklin Templeton, and Samsung Next.
Sui blockchain is known to be a high-performance infrastructure that enables decentralized applications (DApps) to run efficiently.
Sui is often chosen for its scalability and robust infrastructure, making it suitable for various blockchain-based projects, including decentralized finance (DeFi) applications and gaming platforms.
NHN is a South Korean conglomerate that operates Naver, the country’s first web portal and search engine.
NHN was registered on the KOSDAQ stock exchange in 2002 and has since expanded its services to include online gaming, messaging applications, and social media games.
In 2013, it launched its subsidiary companies Camp Mobile and Line Plus. NHN was split into two separate companies in 2013, with Naver Corporation focusing on search and online advertising, and NHN Entertainment focusing on online gaming.
NHN is now a global IT company and an advocate for open-source communities.
As a known gaming brand in the Web2 space, NHN is recognized for its successful titles, including Hangame Poker, Crusader’s Quest, and Guns Up.
After leading a successful rally in the Web2 space, it plans to venture into the realm of blockchain gaming, focusing on digital board games with a strong emphasis on Non-Fungible Tokens (NFTs).
According to NHN, one of the reasons behind the choice of Sui blockchain is its compatibility with layer-1 blockchain solutions. This allows NHN to build on an industry infrastructure that can easily scale.
Speaking about the partnership, Evan Cheng, CEO and co-founder of Mysten Labs, noted that it is exciting to see initiatives such as this1 which will attract more users into the Web3 space.
He added that Mysten Labs’ mission is to make the benefits of Web3 accessible to billions of users worldwide.
Jin Lee, NHN’s Head of Business Development, said that NHN is actively exploring ways to integrate NFTs and crypto tokens into their games, with a focus on features like NFT item trading and crypto token rewards.
He sees crypto-powered games as a major shift in the gaming industry, aiming to leverage blockchain and tokenomics for an innovative gaming experience.
The continent of Asia has become a more attractive spot for the crypto industry with several Web3 events hosted in the continent such as Korea Blockchain Week, Dcentral Japan, 2023 Shanghai Blockchain International Week, and Coinfest Asia.