International Journal of Internet, Broadcasting and Communication

The Institute of Internet, Broadcasting and Communication (한국인터넷방송통신학회)
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Web3 Business Model Innovation Approach and Cases of Korean Game Giants

  • Song, Minzheong (Department of Media Communication & Advertising, Hansei University)
  • Received : 2024.01.11
  • Accepted : 2024.02.06
  • Published : 2024.02.29
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Abstract

We analyze the types of Web3 business model innovation (BMI) of the six major Korean game companies by market size. As a result of the analysis, Nexon is watched as the adapter. It introduces blockchain (BC) layer 2, 'Polygon' to the extended ecosystem such as the creator's secondary creation, item utility, and compensation experience using the existing core intellectual property (IP). KakaoGames and Neowiz are watched as the adventurers. KakaoGames introduces BC layer 2, 'Polygon' and 'Near Protocol' to various experiments using tokenomics models in casual games and massively multiplayer online role-playing games (MMORPGs) using several existing popular IPs. Neowiz also introduces BC layer 2, 'Polygon' and 'Avalanche' to the IntellaX platform using existing game IPs. As the reinventor, Netmable positions as a game publisher that releases third-party games based on multi-chain infrastructure such as Klaytn, BNB Chain, Near Protocol, Aptos Foundation, and introduces BC to new core IPs. Finally, there are Wemade and Com2us as the mavericks. They aim to be the Web3 platform operators that create a BC layer 1 ecosystem and provide services that encompass BC games, GameFi, and non-fungible tokens (NFTs). Here are the implications of the four types of BMI. In terms of infrastructure, Nexon, KakaoGames, and Neowiz try to introduce a part of cross-chain, whereas Netmable tries to move toward a complete multi-chain strategy, and Wemade and Com2us also try to consider multi-chain, even if they have the full BC introduction. In terms of defending against market decline, Nexon and Netmable have a different position. Nexon which has a greater market dominance, only tries to continuously experiment, but Netmable is aggressively focusing on monetizing new products. Attacks on growth aspirations also show two different positions. KakaoGames and Neowiz only try to aggressively explore, while WeMade and Com2us try to set new standards for industrial innovation.

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