03
May
2023

South Korean Publisher Neowiz And Its $10M Game Accelerator

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TL:DR

  • Neowiz has launched a $10 million gaming accelerator fund in partnership with Polygon Labs to fund the next generation of Web3 games on Ethereum scaling network Polygon.

  • The grant program will provide game developers an opportunity and means for more great games to be built in the Polygon ecosystem, and prospective grant recipients can expect to wait a few weeks to a month for a response.

  • Neowiz’s push into Web3 gaming via Intella X’s new $10 million gaming accelerator is a significant step in the world of Web3 gaming and is likely to be followed by other large publishers in the Eastern market.

South Korean Publisher Neowiz Launches $10M Polygon Game Accelerator

South Korean game publisher Neowiz has launched a $10 million gaming accelerator fund in partnership with Polygon Labs to fund the next generation of Web3 games on Ethereum scaling network Polygon. The grant program will provide game developers an opportunity and means for more great games to be built in the Polygon ecosystem, said Polygon Labs Vice President and Global Head of Business Development Urvit Goel. The partnership is aimed at bolstering Web3 gaming adoption and further solidifying Polygon’s position as the home of Web3 gaming.

The Intella X ecosystem, a crypto subsidiary of Neowiz, currently offers a crypto wallet, decentralized exchange, and NFT marketplace. Earlier this year, Neowiz raised $12 million for Intella X from investors like Polygon Labs, major metaverse investor Animoca Brands, multi-chain NFT marketplace Magic Eden, and WeMix. Neowiz is one of many traditional game publishers exploring the possibilities of Web3 gaming, having released a wide variety of games, from mobile titles to indies and PC games.

Intella X has a few titles in the ecosystem already, including two Web3 versions of popular mobile game Cats & Soup in development, and the RPG Brave Nine and the shooter A.V.A. in Web3. It is also home to the Web3 spinoff of the mobile MMORPG EOS Red, which will be called EOS Gold.

The grant program will enable prospective grant recipients to develop games for the Polygon network, and those selected to move forward in the grant process will have to undergo an interview and a due diligence period. The amount of grant awarded will vary depending on the project, and there is no typical grant amount for the accelerator. Prospective grant recipients can expect to wait a few weeks to a month for a response.

Polygon has been gaining traction in recent years, particularly with the rise of non-fungible tokens (NFTs) and blockchain-based gaming. The platform has become a popular scaling solution for Ethereum-based projects, thanks to its fast transaction speeds and low fees. With Neowiz’s accelerator fund, more Web3 games are expected to be developed on the Polygon network, further boosting the platform’s adoption.

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Neowiz’s push into Web3 gaming via Intella X comes as other large publishers in the Asian market dive into crypto. Square Enix, Nexon, Krafton, NCSoft, Netmarble, and Com2Us are a few of the many Eastern publishers that are currently developing Web3 games. While only a few in the West have made such commitments, the potential for Web3 gaming is immense, and the launch of Neowiz’s accelerator fund is a promising sign for the future of the industry.

Neowiz has also made a significant move into the Web3 gaming space, launching a $10 million grant program for the development of Web3 games on the Ethereum scaling network Polygon. This accelerator fund was created in partnership with Polygon Labs, with the aim of bringing Web3 games to the ecosystem.

Polygon Labs Vice President and Global Head of Business Development Urvit Goel said, “Intella X’s grant program will provide game developers much-needed opportunity and means for more great games to be built in the Polygon ecosystem. Our hope is these new games will bolster Web3 gaming adoption and further solidify Polygon’s position as the home of Web3 gaming.”

Prospective grant recipients can expect to wait a few weeks to a month for a response, and those selected to move forward in the grant process will have to undergo an interview and a due diligence period, according to a release. The amount given will vary depending on the project, and there is no typical grant amount for the accelerator.

Korean game publisher Neowiz is one of many traditional game publishers exploring the possibilities of Web3 gaming. Founded in 1997, Neowiz has released a wide variety of games, from mobile titles to indies and PC games—it’s the company behind games like the DJMax series, Crossfire, Brave Nine, Sanabi, Lies of P, and Tapsonic.

While Intella X is looking to build out its roster of Web3 games, it already has a few titles in the ecosystem. It has two Web3 versions of popular mobile game Cats & Soup in development, and is also developing the RPG Brave Nine and the shooter A.V.A. in Web3. It’s also home to the Web3 spinoff of the mobile MMORPG EOS Red, which will be called EOS Gold.

Neowiz’s push into Web3 gaming via Intella X comes as other large publishers in the Asian market dive into crypto. Square Enix, Nexon, Krafton, NCSoft, Netmarble, and Com2Us are a few of the many Eastern publishers that are currently developing Web3 games—while only a few in the West have made such commitments.

Neowiz’s grant program for the development of Web3 games on the Ethereum scaling network Polygon through its crypto subsidiary Intella X’s new $10 million gaming accelerator is a significant step in the world of Web3 gaming. The gaming industry has already begun to incorporate cryptocurrency and blockchain technology, and it’s evident that Web3 games are the future of gaming. With Neowiz’s push into Web3 gaming via Intella X, other large publishers are likely to follow suit in the Eastern market. This is just the beginning of the integration of Web3 into the gaming industry.

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