Samsung, a South Korean corporation, is becoming more engaged in the growing field of blockchain-based gaming, despite the fact that games with blockchain features are prohibited from being officially released in Korea.
Sky Mavis, a Vietnam-based blockchain gaming startup and creator of the play-to-earn game Axie Infinity, raised US$152 million in a Series B financing led by Samsung Next, the tech giant’s investment arm. Samsung has already invested in blockchain game creators such as Dapper Labs, which created CryptoKitties, and Animoca Brands, headquartered in Hong Kong.
Samsung invests in Axie Infinity
According to Kim Jeong-soo, a professor of industrial management and engineering at Myongji University, Samsung’s investment is motivated by a high return on investment.
Like CryptoKitties before it, Samsung understands that Axie Infinity is the trendiest thing right now, according to Kim. Furthermore, it may imply that the business understands the growing importance of blockchain and NFTs.
However, games, including any aspects of blockchain or NFTs (non-fungible tokens), are prohibited from being released in South Korea by the country’s Game Rating and Administration Committee. The committee claims that in-game random prizes, some of which are NFTs, may promote speculative behavior.
Kim thinks that the government would eventually relax its prohibitions on blockchain gaming.
According to Kim, because the government is so keen on creating the metaverse, ownership and value transfer in virtual assets are likely to be addressed in a favorable light. He went on to say that if something nice comes out of the conversation, it would be a good indication of the situation with blockchain gaming.
In the interim, Kim adds, the gaming industry will need to talk about removing the speculative elements.
Axie Infinity
Axie Infinity is a mobile game similar to Pokémon in which players are paid with NFTs for breeding monsters called “Axies.” Axie Infinity is a trading and fighting game where players may acquire, breed, grow, battle, and trade digital creatures known as “axies.”
To begin playing, new players must buy at least three axes. The firm claimed that the typical gamer had spent approximately $400 eighteen months after debut. Since its debut, the game has had a large fan base in developing countries like Venezuela and the Philippines.
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