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Neowiz, a Publicly Listed Korean Firm, Expanding into Game Development on the Avalanche Network

Sep 7, 2023 at 12:10 pm

Neowiz, a publicly traded gaming company based in South Korea, has revealed its entry into the realm of blockchain gaming through its Web3 division, IntellaX. This move comes in conjunction with a partnership with Avalanche Arcad3.

South Korea has shown a notable penchant for esports and blockchain-based games, boasting a sizable and enthusiastic fanbase for diverse gaming cultures. This enthusiasm among consumers has played a pivotal role in boosting the valuations of local enterprises, including Neowiz, which currently ranks as one of the top five gaming companies in Korea in terms of market capitalization.

With an extensive 25-year history of delivering captivating titles, such as the popular "Cats & Soup," Neowiz is also the creative force behind the highly anticipated game "Lies of P." Drawing inspiration from the tale of Pinocchio, this souls-like game is poised to become a best-seller in 2023. Taegeun "Andrew" Bae, co-CEO of Neowiz, reported that the company achieved a remarkable $51 million in revenue the previous year.

Ed Chang, Head of Gaming at Ava Labs, expressed immense excitement about the collaboration with Neowiz. He stated, "We couldn't be more excited to be collaborating with Neowiz and continuing to expand our robust gaming network in South Korea."

Chang further underscored the value of having a seasoned game publisher like Neowiz join Arcad3, emphasizing how the expertise of the inaugural Arcad3 cohort will empower Neowiz to make a formidable entry into the realm of Web3 gaming.

Avalanche Arcad3 serves as a collaborative initiative in Web3 gaming education, catering to both conventional and crypto industry projects. It serves as a platform for fostering growth and innovation in the gaming sector.

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