Blockchain companies enter Japan one after another, finding way to survive in booming market = Korea

Marvelx, a subsidiary of game maker Netmarble, invested in Japanese blockchain game platformer YGG Japan in January. In July, the company's virtual currency "MBX" was registered on the whitelist, and in October it is scheduled to be listed on the Japanese virtual currency exchange "Zaif".

In addition, Neowiz Holdings' subsidiary Neopin has partnered with Japanese financial holding company SBI Holdings' Web3-related subsidiary, SBINFT. Xpla, the blockchain business division of Camtus, is trying to enter the Web3 market in cooperation with Oasis, which develops game-specific blockchains.

The market is booming because Japan took the lead in developing a Web3 business environment ahead of other countries. Meanwhile, in South Korea, the market has stalled as allegations of fraud by blockchain projects surfaced over the approval of play-to-earn (PtoE) games in the industry.

Japan is also attractive because of its culture of holding NFTs (non-fungible tokens). An industry insider said, "After the first purchase of NFT, Japan tends to maintain that NFT and earn royalties rather than making profits in the next transaction. It is very suitable for a growing NFT environment."