In a significant announcement, NHN Corporation, a global IT company, has formed a strategic partnership with Mysten Labs to explore the Web3 gaming industry. NHN Corporation is a well-established player in various domains such as gaming, payments, entertainment, IT, and advertisement. This partnership revolves around the Sui blockchain, a groundbreaking Layer 1 blockchain and smart contract platform tailored for Web3 gaming. With its low transaction fees, fast transaction times, and high scalability, the Sui blockchain presents an ideal foundation for decentralized game development.
Mysten Labs, led by CEO and co-founder Evan Cheng, places great emphasis on user “stickiness,” a metric that has been challenging to achieve within the broader Web3 ecosystem. As the most popular chains struggle to exceed daily active users of 300,000, Mysten Labs aims to bring the benefits of Web3 to a wider audience. Cheng emphasizes their commitment to developing products that genuinely attract user volume and prioritizes this mission above all else.
NHN Corporation’s gaming division is a significant component of its business. As the largest social casino game developer in the APAC region, NHN has created flagship titles like Hangame Poker, which has amassed a substantial user base. Overall, NHN’s games have attracted over 37 million users across mobile, desktop, and online platforms. Financially, NHN Gaming generated an impressive $80 million in revenue in the second quarter of 2023 alone.
Ujin Chung, the CEO of NHN Corporation, acknowledges the existing gap between Web3 technology and engaging gameplay. Recognizing the need for user engagement and sustainability, NHN and Mysten Labs aim to bridge this gap through their partnership. Chung emphasizes the importance of combining growth and sustainability, which aligns with the expertise of the minds behind Mysten Labs. He believes that the team’s experience in Web2 and proven track record in creating enjoyable experiences for users will drive the desired synergy.
The Influence of South Korean Gaming Companies
For years, South Korean gaming companies have been at the forefront of innovation in the industry. South Korea is currently the world’s fourth-largest market for gamers and continues to grow. The rise of mobile gaming, an industry-transforming shift, originated in Asia. This partnership between NHN Corporation and Mysten Labs holds great promise, as both companies are well-positioned to contribute to the evolution of web3 game development.
Roadmap for the Future
With an ambitious roadmap, NHN Corporation and Mysten Labs aim to launch their first Web3 gaming projects in 2024. The collaboration will extend beyond the initial projects, as both companies plan to explore numerous other use cases for the Sui blockchain. Together, they aspire to reshape and advance the web3 game development landscape.
The partnership between NHN Corporation and Mysten Labs signifies a significant step forward in the world of Web3 gaming. With NHN’s extensive experience in the gaming industry and Mysten Labs’ technological expertise, the collaboration has the potential to revolutionize user engagement, sustainability, and experiences within the web3 ecosystem. As the launch of their first Web3 gaming projects approaches, the industry eagerly anticipates the groundbreaking innovations that NHN and Mysten Labs will bring to the table.