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South Korea’s Crypto Ecosystem Shakes Off Terra Debacle, With Gaming Dominating Web3 Activity
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South Korea is great at making games! Hopefully. They can make a fun crypto, play to earn games
They’ve been making great strides in integrating crypto into their economy for sure, regulation wise.
Hopefully there will be a good game with crypto as a feature coming out of South Korea. Could potentially change the view on the game + crypto.
im ready for that pubg web3 game if they can stop hackers
This honestly surprises me given the resounding unpopularity of web3 gaming
Lazarus crypto group wanna know your seed phrases
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US still crawling like a old tortoise.
tldr; South Korea’s crypto ecosystem is recovering from the Terra debacle, with gaming dominating Web3 activity. The Korea Blockchain Week event showcased homegrown gaming startups pitching apps built on networks like Ethereum and Solana. While the Terra collapse had a significant impact on the Korean DeFi ecosystem, institutions and corporations are now more focused on real-life use cases with different innovations. Korean banks are gradually entering the market, and trading activity is picking up on local exchanges. However, the article also highlights that the blockchain gaming sector may be slightly overhyped, as it struggles to find a smash hit with a large user base. Despite the strong domestic crypto industry, South Korea is still primarily a localized market, which can limit liquidity and increase the risk of projects becoming abandoned.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
“The sector itself is struggling to find a smash hit, as many of the most popular blockchain games only have a few hundred to a thousand users – a fraction of what third-tier traditional games on platforms like Steam count.
“So, for companies to stay competitive, they are incentivized to deliver something new for a different generation, and it just happens to be that blockchain technology is the best thing for leveraging the network effect that the young generations seek,” Kim added.”
That’s the right mindset, I’m very curious about the future of these projects
Many of the games that are created by crypto devs are excuses to make money. They create some shitcoin and create a game to bring in some people. As soon the price goes up a bit, they rugpull. Korean games might be an exception. Only when the games are created with gamers in mind, web3 influence will increase.
Can’t wait for a finally good crypto game to happen
Crypto gaming won’t dominate anything until people stop speculating on the tokens and start playing the games.
I’d almost forgotten about Terra since SBF has been the hot news article of late
What are some fun web3 games?
I really do think that crypto games have a future. Might take a bit, but it will come I think!
South Korea has this in the bag