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Sat, June 3, 2023 | 06:49
Tech
MS-Blizzard deal prompts Korean game firms to seek more metaverse M&As
Posted : 2022-01-20 17:08
Updated : 2022-01-21 14:02
Baek Byung-yeul
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By Baek Byung-yeul

Nexon, NCSOFT, Netmarble and other Korean game companies are expected to seek more mergers and acquisitions (M&As) in metaverse- and non-fungible token (NFT)-related businesses, sparked by Microsoft's latest $68.7 billion takeover of U.S. game maker Activision Blizzard, according to industry analysts Thursday.

On Tuesday, Microsoft announced that it will acquire Blizzard in a move to reinforce its emerging metaverse business. The transaction is the largest deal in the global game industry. When the deal closes, Microsoft will be the world's third-largest game company by revenue, following Tencent of China and Sony of Japan.

"The point of the deal is that Microsoft will have stronger intellectual property, which will attract more users to its Xbox platform. From a long-term perspective, it is likely to be a positive factor for Microsoft in terms of the convergence of games that provide the most immersive experience and metaverse that utilizes virtual space," an authority on the local game industry said.

"Game companies here must be inspired by the huge deal as the acquisition signals that investing in metaverse businesses has become an irreversible trend."

Metaverse refers to a virtual environment where users can interact with each other through digital avatars. For young people, who are comfortable with virtual environments, it has emerged as a new communication channel.

NFTs, a form of cryptographic asset recorded via blockchain technology with unique identification codes that are non-interchangeable, are also increasingly incorporated into games, as the technology is used to convert in-game items into digital assets. With more games providing "play-to-earn" (P2E) experiences, game companies are enjoying an influx of new players.

Taking these technologies as new growth engines, Korean companies are also accelerating their investments in related technologies and developing platforms.

NCSOFT is seeking M&A opportunities to advance into the metaverse and NFT businesses. Its Chief Financial Officer Hong Won-jun told investors last November that the company "is considering M&A chances taking its U.S. branch as a stepping stone."

The company also began working to implement its K-pop entertainment fandom platform UNIVERSE as a metaverse. Expectation is that the UNIVERSE platform, which is currently used for communication between pop stars and fans, will be a more useful tool when it is available on a metaverse platform. "The UNIVERSE will be the company's starting point for its metaverse business," Hong said.

Nexon also has been investing in metaverse-related technologies with the recent launch of its metaverse platform project, MOD. Early this year, Nexon invested 15 billion won in YNC&S, a metaverse-related joint venture of YG Entertainment, Naver and Wysiwygstudios. It also invested $400 million in AGBO, a global entertainment production company run by filmmakers Joe and Anthony Russo, who are known for directing Marvel Cinematic Universe movies.

Netmarble's subsidiary Netmarble F&C plans to complete its metaverse VFC research center within the first half of this year and launch metaverse projects. "The research center is the largest one with the latest equipment and personnel to implement metaverse technology in one place," Netmarble F&C CEO Seo Woo-won said.

The subsidiary also acquired 90 percent stake in local blockchain-based game company ITAM Games for 7.6 billion won. With the acquisition, the company is expected to launch P2E games using NFT technology.

Com2uS is expanding collaborations with other companies to provide various virtual services in its metaverse platform Com2Verse, launched last month. The company said the platform is able to provide finance, medical care and education as well as entertainment such as games, music, movies and performances.

Krafton, best known for shooting game "PUBG: Battlegrounds," also mentioned acquisition of overseas companies as one of its major growth policies. Its CFO Bae Dong-keun said in November that the company is "considering recent trends such as NFTs to lead to new game methods and expansion of the game playing experience."

In line with global trends, the government also said it will make metaverse-related businesses one of the country's core industries.

"Metaverse is a digital new world with infinite possibilities. Anyone can achieve their dreams and it will be a space of opportunity for young people to challenge more and grow bigger to leap into a wider world," ICT Minister Lim Hye-sook said Thursday, announcing the government's roadmap to make the country the world's fifth-largest metaverse market in the next five years.

To that end, the country will foster at least 220 metaverse firms that can generate over 5 billion won in revenue and establish an academy this year to nurture 40,000 metaverse experts by 2026. The government added that regulations related to the metaverse industry will also be improved to aid companies.


Emailbaekby@koreatimes.co.kr Article ListMore articles by this reporter
 
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