Resurrection of the Metaverse…It was a match made in heaven with games, collaborated with NFTs [Factual] > NFT_News KDCA(한국데이터공인인증원)

The metaverse platform "Miglu" under development by Krafton. [Photo by Miglu]

 

The metaverse craze, which had been dampened, is aiming for a revival centered on the game industry. Game companies are exploring new markets on the metaverse platform, and metaverse platform operators are trying to revitalize the platform by securing games as killer content. NFTs (non-replaceable tokens), which shrank together last year due to the slump in the virtual asset market, are also combined with games to seek a comeback.

What kind of move is it?

 

The "Fortnite Unreal Editor (UEFN)" released by Epic Games in March. [Photo Epic Games]

The "Fortnite Unreal Editor (UEFN)" released by Epic Games in March. [Photo Epic Games]

 

Krafton announced on the 17th of last month that it will establish a joint venture with Naver Jet, Naver's grandson company, "Miglu Corporation (tentative name)" in the U.S. The U.S. corporation will launch its metaverse platform "Miglu" in the second half of this year. Miglu is a C2E (Creat to Earn) platform that allows users to buy and sell clothes and tools for avatars in a metaverse environment. An official from Krafton said, "It is part of a strategy to discover and expand various business areas that have potential in addition to games in the main business."

Netmarble also released its metaverse game "Everyone's Marble 2: Meta World" on the 19th of last month in overseas markets except for some countries such as Korea and Vietnam. It is a "P2E (Play to Earn)" game that buys and sells virtual real estate issued as NFTs in virtual spaces in the game through other users or NFT exchanges. It added fun elements such as putting buildings on the site purchased by users themselves, decorating them to increase their value, and then selling them to make profits. An official from Netmarble introduced, "It is an attempt to discover various business models in line with the trend of metaverse and blockchain technology."

Combining games and metaverse, why?

① similarity in technology

Metaverse is technically similar to games in that it creates and operates a virtual world online. Epic Games is considered a representative example of expanding the ecosystem by applying game technology to metaverse. Fortnite, a third-person shooting game released in 2018, became a huge metaverse platform two years later during the spread of COVID-19. The concert held by famous U.S. singer Travis Scott on the platform attracted 12.3 million users.

Epic Games has recently been speeding up its efforts to expand user participation and create a content reproduction structure on its platform. The creation tool "Fortnite Unreal Editor (UEFN)" was unveiled in March so that users can create their own game content that can be enjoyed on the Fortnite platform. Its strategy is to foster game users as game creators to grow the metaverse ecosystem. To this end, the company also said it would distribute 40% of its monthly revenue from game item sales to UEFN content creators. Epic Games explained, "It is a service that has been launched to revitalize the creative ecosystem so that more people use Fortnite as a metaverse platform."

② Content that saves games and platforms

In order to become a platform, users and content to attract them are essential. Among the newly created metaverse platforms in the past two to three years, surviving places aim to attract users through games. Metaverse platform Space, which mainly exhibited NFT works, introduced 'Unity', a 3D game production tool (engine), to its platform at the end of last year. This is to attract small and medium-sized game companies that want to produce games for metaverse to the platform. An official from Spaceall said, "We saw the game as an effective way to increase the 'retension' of letting users stay on the platform or visiting again." Spacial attracted 30 billion won in investment from KB Investment and others in 2020.

 

 

Netmarble released 'Everyone's Marvel 2: Meta World', a blockchain game using metaverse technology, on the 19th of last month. [Picture: Netmarble]

Netmarble released 'Everyone's Marvel 2: Meta World', a blockchain game using metaverse technology, on the 19th of last month. [Picture: Netmarble]

 

If it is difficult to do all the platforms and contents alone, professionals sometimes join hands. Such a case is the collaboration between Krafton and Naver Jet. Krafton is the developer of the first-person shooting game "Battle Ground" enjoyed by 150 million global people, and Naver Jet is the operator of the metaverse platform "Geppetto" with 400 million subscribers. In Miglu, Krafton will take charge of technologies such as virtual environment development and server operation, while Naver Jet will plant its know-how in operating platforms accumulated in Geppetto in Miglu. Naver Jet said, "It is a very good opportunity for the two companies to create synergy and expand into new areas through collaboration with Krafton."

In particular, these metaverse platforms are based on blockchain technology, making it easy to distribute content that combines virtual assets such as NFTs and coins. P2E games are banned in Korea, but it is possible to acquire and trade NFTs or coins while playing metaverse games overseas. This is why Netmarble and WeMade are steadily attempting blockchain-based P2E games overseas. Com2us also plans to introduce content that utilizes its own cryptocurrency system, "XLA," to its metaverse platform "Com2bus."

a good thing to know

The Ministry of Science and ICT and the Ministry of Culture, Sports and Tourism are still discussing whether game regulations should be applied to game content inside the metaverse platform. The Ministry of Science and ICT opposes the application of regulations by focusing on fostering the industry, but the Ministry of Culture, Sports and Tourism says the Game Industry Act should also be applied to games on the metaverse platform for equity with other game companies. An official from the Ministry of Science and ICT said, "We plan to announce guidelines related to the regulations within this year."

Reporter Yoon Sang-eon: youn.sangun@joongang.co.kr

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