Publicly Traded Korean Firm Neowiz To Build Games on Avalanche Network
Intella X, Neowiz’s Web3 arm, has joined Avalanche Arcad3 to build blockchain games in the crazed market.
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AVALANCHE HOUSE, SEOUL - Publicly traded Korean game publisher Neowiz said Thursday it plans to build games on the Avalanche blockchain via its Web3 arm IntellaX.
Korea has an appetite for esports and blockchain games, with a large fanbase for various gaming cultures and huge consumer interest. That has helped propel the valuation of local companies such as Neowiz, one of the top five Korean gaming companies by market capitalization.
Neowiz has a 25-year track record of fun releases, like Cats & Soup, and is behind the highly anticipated Lies of P, a souls-like game inspired by Pinocchio and expected to be a top seller of 2023. The company notched $51 million in revenue last year, Taegeun "Andrew" Bae, co-CEO of Neowiz, said at the Thursday event.
“We couldn’t be more excited to be collaborating with Neowiz and continuing to expand our robust gaming network in South Korea,” said Ava Labs' head of gaming, Ed Chang, at the event.
“Having such an experienced game publisher join Arcad3 will strengthen the whole program, and the expertise of the first Arcad3 cohort will position Neowiz to make the best possible entry into Web3 gaming," Chang added.
Avalanche Arcad3 is a collaborative Web3 gaming education program designed for traditional and crypto industry projects.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.