AVALANCHE House in Seoul –Korean game producer Neowiz, which is publicly traded, announced on Thursday that its Web3 division, IntellaX, will create games for the Avalanche blockchain.With a sizable fan base for numerous gaming cultures and a high level of consumer engagement, Korea has a thirst for esports and blockchain games.As a result, local businesses like Neowiz, one of the top five gaming companies in Korea by market value, have seen their valuations rise.
With a 25-year history of entertaining titles like Cats & Soup, Neowiz is the developer of the eagerly awaited Lies of P, a Pinocchio-inspired souls-like game that is predicted to be one of the top sellers of 2023. Co-CEO of Neowiz Taegeun “Andrew” Bae stated at the event on Thursday that the business generated $51 million in revenue the previous year.
“We couldn’t be more excited to be collaborating with Neowiz and continuing to expand our robust gaming network in South Korea,” said Ava Labs’ head of gaming, Ed Chang, at the event.
“Having such an experienced game publisher join Arcad3 will strengthen the whole program, and the expertise of the first Arcad3 cohort will position Neowiz to make the best possible entry into Web3 gaming,” Chang added.
The collaborative Web3 gaming education program Avalanche Arcad3 was created for traditional and cryptocurrency sector projects.