NFT Market Opens Crypt Coin Doors to Korea’s Multi-Million Dollar Gaming Industry

The Korean blockchain game company PlayDapp has launched a market for non-expendable tokens (NFT), which offers Korea’s multi-billion dollar gaming industry a native gateway to digital assets.

Announced on June 8, the new platform, “PlayDapp MarketPLAce”, announces itself as a free support for currency to currency trading between NFT-based game elements.

Koh Kwang-Wook, a founding member and former CTO of Item Bay, one of the first online brokerage platforms for in-game items, led the development of the PlayDapp MarketPLAce.

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Korean NFT Market Targets Game Industry
At launch, the platform supports elements of the collection games, with Bitcoin Era, CryptoDozer and DozerBird technology.

In the last 24 hours, the games have attracted 201 users and 30 users respectively.

CryptoDozer has generated $610 in trading volume in more than 2,132 transactions per week, while DozerBird represented less than $12 in volume in more than 277 transactions.

Nifty, owned by the Winklevoss, becomes the first US dollar-based NFT exchange

Korea’s gaming industry is the fourth largest in the world, representing KRW 14.3 million (USD 12.1 billion) by 2018. Korea’s gaming sector has grown at an average annual rate of more than seven percent over the past decade.

Earlier this year, Korea-based game developer SuperTree announced that it had attracted KRW 2.5 million in Serie A investments, including the participation of SBI Investment Korea.

NFT markets proliferate
The growth of NFT games and game “multiverses” has led to the launch of a number of new NFT markets.

Surprising launch at CryptoKitties overload Nifty, the Winklevoss exchange
In March, Winklevoss’ proprietary platform, Nifty, became the first U.S. dollar-based exchange for NFT trading. Although Nifty announced that it would take a “slow and deliberate” approach to token support, a surprise surge of limited edition CryptoKitties caused the platform experience to be discontinued last month.

May also saw the launch of Tokyo-based startup Yiedl, a peer-to-peer market for NFT rentals and mortgages.