Will The Korean Gaming Giant Change the Game?
[Xangle Digest]
Written by Moon Bit
Behind the Scenes
Marblex (MBX) is a gaming platform aiming to publish games built on the Klaytn blockchain. Its goal is to apply blockchain technology in games to allow all stakeholders to participate in a win-win ecosystem comprising of their Triple-A games.
Recently, the platform signed an MOU with the Korean game publisher Netmarble, though it is well known as a subsidiary of the gaming giant. With Netmarble being one of the top 10 game publishers globally, it is expected that Netmarble will provide industry knowledge and bring about network effects to the Marblex ecosystem.
Netmarble’s revenue in 2021 reached $2 billion, and it is entering the crypto space to further assert its dominance in the gaming industry. MBX has already implemented MBX into its open world MMORPG A3: Still Alive, a top 100 game on Google Play in terms of revenue.
About Klaytn [Profile]
- Klaytn: Klaytn is a performance-optimized BFT-based smart contract platform that focuses on providing enterprise-grade network reliability. Ground X, a blockchain-focused subsidiary of Korea's largest mobile messaging platform, Kakao, manages the network's upgrade and maintenance. The Klaytn Governance Council consists of 30+ multinational corporations, including Kakao, LG Electronics, Amore Pacific, Shinhan Bank, Binance, and more.
MBX Chain and Token Ecosystem
The tokenomics of MBX is designed to prevent inflation by adopting a burn model and staking system. The burn model seems plausible, but since the circulating supply is only 5% of the total supply, there are some obvious overhang risks at the moment.
- Fee Structure: The burning model provides price stability to MBX as half of the transaction fees will be burnt and the other half will be accrued under the growth fund.
- Staking Rewards: Game tokens can be staked for MBX rewards. MBX will be rewarded by the game publisher and service provider, MBX. Game publishers will purchase MBX from the market to provide 50% of the staking rewards, while Marblex will be responsible for the other 50%.
A Growing Market
Until now, GameFi was merely a visualization of defi; GameFi projects were not successful in differentiating from the defi experience. But Netmarble may be able to change the landscape of GameFi once and for all. The company's track record as a seasoned publisher has successfully operated many well-made games, which include Second Country, Marble Contest of Champions, and Everybody's Marble.
The total gamers over time more than doubled from 3M to 7M since December last year. As GameFi projects adopt new income models like M2E (Move-to-Earn) and P2E (Play-to-Earn) and constantly evolve, one can expect more users to join the scene in the near future.
GameFi attracted much criticism as a blatant cash-grab, but seasoned developers and publishers are pushing the trend, which will eventually onboard more users. As users become more familiar with token economics and NFTs, their love for gaming might come to fruition as tradable and truly owned digital goods.
Endnotes
The GameFi market is growing at a pace, and unlike previous projects, Marblex may successfully add the "gaming" aspect to their future GameFi projects, not to mention well thought out tokenomics. When users actually have fun and also earn through playing games, then we might see the the MBX platform making breakthrough achievements.
As a gaming powerhouse, Netmarble can produce games with higher standards and might be able to capture a part of the increasing capital flowing into the GameFi market. Netmarble's first goal is to take as much market share in the GameFi sector as possible, which is still relatively small compared to the rest of crypto. When accompanied by well-designed tokenomics, the company may take the market by storm.
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