Intella X raises $12 million to develop blockchain gaming platform

Intella X, a Singaporean subsidiary of Korean game publisher Neowiz, raised $12 million in global investments to develop its own blockchain gaming platform, according to the company Wednesday. Investors include partners from a variety of sectors in..

[NEOWIZ]

Intella X, a Singaporean subsidiary of Korean game publisher Neowiz, raised $12 million in global investments to develop its own blockchain gaming platform, according to the company Wednesday.

Investors include partners from a variety of sectors in and outside of the gaming market, including: Polygon, the blockchain network behind Reddit, Starbucks and Nike; Animoca Brands, a gaming and blockchain developer; Magic Eden, a global non-fungible token (NFT) marketplace; Planetarium, a Web3 game publisher; Big Brain Holdings, a crypto exclusive venture fund investor; Crit Ventures, a venture capital firm under game publisher Com2uS; and Global Coin Research, a Web3 community consisting of investors and researchers.

Local gaming investors include JoyCity, Pearl Abyss, XL Games and Wemade.

Using the funding, Intella X intends to launch its Web3 blockchain gaming platform Intella X within the year, though specifics have yet to be finalized.

Web3 is the third generation of internet technology, characterized by users owning their data through decentralized services, namely blockchain and cryptocurrencies.

Neowiz is one of the biggest game companies that split off from Neowiz Holdings in 2007 and is behind titles such as FIFA online, Brave Nine, DJMax Respect, Skul: The Hero Slayer, Cats & Soup and, most recently, the Lies of P.

In an aim to expand its global blockchain businesses even further, Neowiz Holdings, 30.8 percent owner of Neowiz, established a blockchain company in the United Arab Emirates, according to reports made by the local press.

Neowiz Holdings CEO Oh Seung-heon has been discussing potential business opportunities and collaborations around blockchain platform Neopin with local government bodies and companies during his visit to Abu Dhabi as a part of the Korea-UAE delegation.

Neopin was developed by Neoply, a blockchain subsidiary of Neowiz Holdings founded in 2007. Oh is also the CEO of Neoply.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]