NCSOFT invests $15 million in blockchain company Mysten Labs

The Korean game developer is expected to apply blockchain tech for advancing to Western markets

NCSOFT headquarters building in Pangyo Techno Valley
NCSOFT headquarters building in Pangyo Techno Valley
Seung-Woo Lee 1
2022-11-09 15:24:00 leeswoo@hankyung.com
Korean games

NCSOFT Corp., which announced early this year plans to install non-fungible token (NFT) technology in the global version of its online role-playing game Lineage W, has made a strategic investment in the Palo Alto, California-based blockchain company Mysten Labs.

Mysten Labs on Wednesday said NCSOFT plunked down $15 million in a Series B investment round worth $300 million to form a strategic partnership.

Co-founded last year by its CEO and former Meta (Facebook) executive Evan Cheng, Mysten Labs is a blockchain company known for its Layer 1 blockchain Sui.

Mysten Labs last year made headlines in Korea after securing an investment of $36 million from Samsung Next Ventures, a venture company affiliate of Samsung Electronics, in a Series A financing round.

Early this year, NCSOFT announced in a report on its 2021 fourth-quarter performance plans to launch in Western markets its flagship game Lineage W with blockchain technology, including NFT.

NCSOFT Chief Strategy Officer Yoon Song-yee said, "Blockchain technology holds the potential to produce creative and innovative player experiences," adding, "I consider our newly formed partnership with Mysten Labs, which shares the vision of creating a platform for a player-centric economy, highly meaningful."

Write to Seung-Woo Lee at leeswoo@hankyung.com
#NCSOFT korea #Lineage W #Mysten Labs #Samsung Next Ventures #online role-playing game #Yoon Song-yee

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