Korean Game Publisher Neowiz Ventures into Web3 Gaming with Avalanche Blockchain
Seoul-based Neowiz, a prominent Korean game publisher, announced its ambitious foray into the world of Web3 gaming by leveraging the Avalanche blockchain through its subsidiary, IntellaX. This strategic move aligns with South Korea’s growing appetite for esports and blockchain-based gaming experiences, fueled by a dedicated fanbase and substantial consumer interest.
Neowiz boasts an impressive 25-year history of delivering entertaining titles, including popular releases like “Cats & Soup.” However, the gaming community is now abuzz with anticipation for their upcoming release, “Lies of P,” a souls-like game inspired by the timeless tale of Pinocchio. Industry experts predict it to be a chart-topping success in 2023.
Taegeun “Andrew” Bae, co-CEO of Neowiz, disclosed that the company achieved a remarkable $51 million in revenue last year during an event held on Thursday.
Ed Chang, Head of Gaming at Ava Labs, expressed enthusiasm about the collaboration, stating, “We couldn’t be more excited to partner with Neowiz and further expand our robust gaming network within South Korea.” He added, “The inclusion of such an experienced game publisher in the Arcad3 initiative will undoubtedly fortify the program. With the expertise of the inaugural Arcad3 cohort, Neowiz is poised to make a stellar entrance into the realm of Web3 gaming.