The Korean Blockchain game company, PlayDapp is sliding into the market with non-interchangeable tokens (NFTs), which paved the way for Korea’s multi-billion gaming industry into digital assets.
This release was announced on June 8, 2020, with a new platform called ‘PlayDapp MarketPLAce’. This platform promotes itself by providing free support for coin-to-coin trading between various items in the game on an NFT-based basis.
Koh Kwang-Wook, founder member and former CTO of Item Bay, led the market development conducted by PlayDapp.
Korea’s NFT Market Targets the Game Industry
When released, this platform supports items from collection games supported by Ethereum CryptoDozer and DozerBird.
Over the past 24 hours, this game each attracted 201 users and 30 other users.
CryptoDozer manages to trade $ 610 with more than 2,132 transactions per week, while DozerBird represents less than $ 12 in volumes of more than 277 transactions.
The Korean gaming industry is the fourth largest in the world, with a turnover of about 14.3 million KRW ($ 12.1 billion) in 2018. The Korean gaming sector has indeed grown at an average annual rate of more than seven percent over the past decade.
Earlier this year, blockchain game developer based in Korea, SuperTree announced it had raised $ 2.5 million in Series A investments, including participation from SBI Investment Korea.
NFT Market Is Breeding
The growth of games supported by NFT and the game ‘multiverses’ has triggered the launch of a number of new NFT markets.
In March, Nink’s Winklevoss platform became the first US-based exchange in NFT trading. Although Nifty announced it would take a “slow and deliberate” strategy regarding its support for tokens, the limited edition CryptoKitties appeared to be in decline last month.
There is also the possibility of the launch of a startup located in Tokyo, Yiedl, which will focus on the peer-to-peer market for NFT rental and mortgages.