Neowiz is a publicly traded Korean game publisher.
The game publisher will build the games using its Web3 arm called IntellaX.
Avalanche is attracting quite a number of blockchain projects including AllianceBlock’s Arkefi.
Neowiz, a publicly traded Korean game publisher, announced on Thursday that its Web3 division, IntellaX, will create games on the Avalanche blockchain.
With a sizable fan base for many different gaming cultures and a significant amount of consumer interest, Korea is hungry for esports and blockchain games. To that end, local businesses like Neowiz, which is one of the top five Korean gaming companies by market value, have seen their valuations rise as a result.
Neowiz’s games on Avalanche
Neowiz has a 25-year history of entertaining product releases. Its releases include Cats & Soup, and it is also the developer of the much-anticipated Lies of P, a Pinocchio-inspired souls-like game that is likely to be a top seller in 2023.
Taegeun “Andrew” Bae, the co-CEO of Neowiz, revealed during the ceremony on Thursday that the business generated $51 million in revenue in the previous year.
Neowiz seeks to leverage Avalanche Arcad3’s power for its upcoming games by having Intellax build games on Avalanche. The collaborative Web3 gaming education program Avalanche Arcad3 was created for traditional and cryptocurrency sector projects.
Disclosing his excitement, the head of gaming at Ava Labs, Ed Chang, said that they could “not be more excited to be collaborating with Neowiz and continuing to expand our robust gaming network in South Korea.” He went ahead to add that “having such an experienced game publisher join Arcad3” would strengthen the whole program, and that “the expertise of the first Arcad3 cohort will position Neowiz to make the best possible entry into Web3 gaming.”