NHN Corporation, a well-established global IT company, has recently announced its strategic partnership with Mysten Labs, signifying its entrance into the Web3 gaming arena. Known for its diversified business portfolio spanning gaming, payments, entertainment, IT, and advertising, NHN Corporation is a prominent player in the industry. With its extensive expertise in webtoon, music, commerce, fintech, and cloud computing, NHN Corporation is poised to make a significant impact in the Web3 gaming landscape. This collaboration is anchored around the innovative Sui blockchain, a Layer 1 blockchain and smart contract platform specifically designed for Web3 gaming. The Sui blockchain offers remarkable features such as low transaction fees, fast transaction times, and high scalability, making it an ideal platform for decentralized game development.
Evan Cheng, CEO and co-founder of Mysten Labs, emphasized the importance of user “stickiness” in the Web3 ecosystem. While the most popular chains struggle to attain daily active users exceeding 300,000, Mysten Labs is determined to bring Web3 to a wider audience. Cheng expressed, “It’s a code web3, as a whole, has not managed to crack, with daily active users on the most popular chains barely topping 300K. At Mysten Labs, our mission is to bring the benefits of Web3 to the masses. Creating products that actually attract user volume is our utmost priority.”
NHN Corporation’s gaming division holds a prominent position within its business operations. The company is renowned as the largest developer of social casino games in the APAC region, with flagship titles including Hangame Poker. Furthermore, NHN Corporation’s games have garnered a collective user base of over 37 million across mobile, desktop, and online platforms. Financially speaking, NHN Gaming generated a staggering $80 million in revenue during the second quarter of 2023 alone.
Ujin Chung, the CEO of NHN Corporation, stated that the selection of Mysten Labs as a partner was driven by their technical expertise and the innovative capabilities of the Sui blockchain. Recognizing the existing gap between Web3 technology and engaging gameplay, NHN Corporation and Mysten Labs aim to bridge this divide by prioritizing user engagement and sustainability. Chung elaborated, “That synergy will be driven by growth and sustainability, the kind of which is best served by the minds who honed this skill in Web2 and have a proven track record of success in creating experiences that users enjoy. Through our partner selection process, Mysten Labs stood out to NHN for both their expertise as well as the innovative capabilities of Sui.”
South Korean gaming companies have long been at the forefront of innovation in the industry. As the world’s fourth-largest market for gamers, South Korea continues to experience remarkable growth. It is worth noting that the latest industry shift, mobile gaming, originated in Asia. With this exciting partnership, NHN Corporation and Mysten Labs have set an ambitious roadmap, targeting the launch of their first Web3 gaming projects in 2024. Additionally, the two companies plan to collaborate on numerous new use cases for the Sui blockchain, aiming to further evolve the landscape of Web3 game development.
NHN Corporation’s partnership with Mysten Labs marks a significant step into the world of Web3 gaming. With its diverse business portfolio and extensive gaming experience, NHN Corporation is well-positioned to make a lasting impact. The utilization of the innovative Sui blockchain and the focus on user engagement and sustainability set the stage for a promising future in Web3 gaming. As South Korean gaming companies continue to dominate the industry, this partnership is expected to shape the gaming landscape and redefine the possibilities in the Web3 era.