NHN Corporation, a publicly-traded global IT company, through its NHN Gaming division, recently revealed a partnership with Mysten Labs to enter the world of web3 gaming. Mysten Labs is the initial contributor to the Sui blockchain, a first-of-its-kind Layer 1 blockchain and smart contract platform.

NHN Corporation's official announcement underscores its ambitious plan to roll out its inaugural web3 gaming projects in 2024. The partnership with Mysten Labs extends beyond this initial endeavor, with a shared vision to "unlock multiple use cases for the Sui blockchain within the web3 game development landscape".

NHN Corporation, a heavyweight in the industry, boasts an extensive user base of over 37 million across mobile, web, and desktop platforms. In 2022, NHN Corporation had a sales revenue of around 2.11 trillion South Korean won. The company's gaming activities have been nothing short of remarkable, raking in an astounding $80 million equivalent in revenue during the second quarter of 2023.

The core essence of NHN's transition to web3 gaming revolves around the concept of bridging the existing gap between the domains of web2 and web3 gaming. This transition seeks to address a common industry perception that blockchain games primarily focus on incentivization rather than delivering top-tier, enjoyable gaming experiences.

Ujin Chung, the CEO of NHN Corporation, highlighted the significance of this synergy between web3 and gaming. 

Up to this point, there has been a lack of synergy between web3 and gaming. That synergy will be driven by growth and sustainability, the kind that is best served by the individuals who have honed their skills in web2 and possess a proven track record of creating user-centric experiences. In our partner selection process, Mysten Labs stood out to NHN due to their expertise and the innovative capabilities of Sui.

One of the key reasons behind Sui Network's selection as NHN's preferred platform for web3 gaming projects lies in its impressive feature set. Sui offers benefits such as low transaction fees, lightning-fast transaction processing, and exceptional scalability. Most notably, the platform empowers developers to craft web3 games with ease, granting players true ownership of in-game assets.

Evan Cheng, the CEO and co-founder of Mysten Labs, is enthusiastic about NHN's potential to draw in a substantial player base, referring to it as "stickiness for users." 

It's a challenge that web3, as a whole, has yet to fully conquer, with daily active users on the most popular chains barely exceeding 300K. At Mysten Labs, our mission is to bring the advantages of web3 to billions. Creating products that genuinely attract user volume is our foremost priority.

Korean game studios have long led innovation in the gaming industry – South Korea is home to the world's fourth-largest market for gamers, and is growing rapidly. With NHN Corporation and Mysten Labs embarking on this collaboration, the future of web3 gaming on the Sui blockchain appears remarkably promising. As the world awaits NHN's web3 debut in 2024, the gaming industry stands on the brink of a significant evolution that has the potential to redefine the future of gaming.