South Korean gamers likely proceed with P2E games despite Wemix debacle

[Photo by MK DB]

South Korea’s major game publishers will proceed with their blockchain business plans despite the latest delisting of Wemix, WeMade’s coin for play-to-earn (P2E) games as they still see growth potential in the blockchain game market as a breakthrough in the saturated MMORPG market.

According to Maeil Business Newspaper’s survey of game firms that issued cryptocurrencies, such as Netmarble, Com2uS Holdings, Neowiz Games and Kakao Games, they will keep their original plans for blockchain and crypto businesses. Facing unfavorable conditions after the Wemix debacle, they are still convinced of P2E business models, where gamers make money playing games while game producers earn commissions.

Although the game publishers will put their original plans into action, they will strengthen risk reviews and increase transparency. In addition, they plan to target less-regulated global markets in the initial development stage while focusing on strengthening compliance domestically. “We are set to increase compliance levels to ease concerns in the domestic market,” said an official from Neowiz.

Although game publishers consider P2E games a new business model with growth potential, the Game Rating and Administration Committee, the nation’s game content rating board, has expressed concerns over its speculative nature and lack of transparency.