Netmarble vows aggressive expansion in blockchain, metaverse

Netmarble Corp. unveiled detailed plans for a hawkish entry into the blockchain and metaverse industries on Thursday. 

The mobile game developer and publisher held its annual press event dubbed Netmarble Together with Press (NTP) at its headquarter in Seoul. Despite being an annual conference, this year’s press event was the first in four years. 

Netmarble founder and chairman Bang Jun-hyuk, CEO Kwon Young-sik, and co-CEO nominee Do Ki-wook took part in the press event.

Bang explained the South Korean game juggernaut will pursue a two-track strategy in its blockchain business – with two control towers. 

The Netmarble headquarter will continue to focus on game development and distribution while incorporating the blockchain technology. Its subsidiary Netmarble F&C will pivot to producing blockchain-based contents that encompass games, metahuman or virtual humans, and webtoons. 

Netmarble is also looking to enter the entertainment sector. 

Regarding the business strategy, “There has been an increased need for virtual reality on the back of normalization of contact-free living,” said Bang. “I expect the related industries to fare well in the future.” 

“On-line game developers are well positioned to lead the metaverse industry as [we] have been producing products like MMORPG,'' added Bang. A Massively Multiplayer Online Role-Playing Game allows a large number of users to simultaneously enjoy role-playing video games online.

A ‘SECOND REALITY’ 

“Netmarble will create a second reality, rather than a virtual reality,” said Bang. 

The founder said the company’s metaverse games will allow hyperconnection between the physical world and virtual reality.

Bang emphasized that the company plans to pursue ‘metanomics’ and ‘metahuman’ as the main building blocks of its metaverse business. 

While the metaverse concept has been mainly used to describe the interaction amongst players vis-a-vis online characters and communities, Bang said metaverse games could present another reality for users in which they can seek innovative sources of income. 

The 53-year-old emphasized that blockchain-based games can become digital assets when turned into NFTs (non-fungible tokens.) He added the company will aggressively invest in new business endeavors. 

Netmarble is developing Everyone’s Marble - Metaworld, a metaverse sequel to its existing game that has been played by over 200 million users worldwide.

The mobile game takes place in a virtual reflection of South Korea where users’ avatars can purchase properties using NFTs. 

The international version will be a P2E (play-to-earn) game, which allows users to earn digital assets that can later be exchanged for fiat currency. As P2E games are banned in South Korea, the local version will only allow NFT trades. 

P2E GRIEVANCES

Bang did not shy away from expressing disappointment with Seoul’s ban on P2E games. 

“In the near future, all digital contents will be connected via blockchain technology; so it’d be worthwhile to question why only games are subject to such restrictions,” he said. 

In his words, all new businesses are bound to suffer growing pains. His hope is that Seoul allows P2E games with limited regulations at first; and strengthen the control accordingly based on any negative side effects.

The Netmarble founder emphasized that game developers around the world are preparing to launch blockchain-based games; adding that it would be quite unfortunate if such products continue to be unavailable in South 

Turning to metahumans, Netmarble also plans to present three virtual idols named Hena, Lina, and Siu later this year. 

Represented by Metaverse Entertainment, the company’s content development arm, the virtual celebrities will perform as pop artists and actors, in addition to appearing as Netmarble game characters.

20 NEW IP TITLES

Netmarble CEO Kwon Young-sik, for his part, stressed the company’s robust line up of intellectual property. 

On Thursday, the company  introduced more than 20 new titles – with 75% of them based on its own IP. Kwon explained that 65% of the new titles are wholly created by Netmarble and another 10% are co-produced.

Since its establishment in 2000, Netmarble has produced a string of successful mobile games in the global market, including MARVEL Future Fight and Seven Knights.

Despite such achievements, however, the company has been criticized for lacking in the IP department and its developers’ preference for mobile games as opposed to computer and console games. 

The game developer will continue to strengthen its IP by investing in webtoon and animation companies in domestic and international markets alike, Kwon said. 

Netmarble will also expand into the PC and console game markets, Kwon said, with details of its plan for its blockchain gaming business to be unveiled soon.

Write to Kyoung ju Kang at qurasoha@hankyung.com
Jee Abbey Lee edited this article.