“There is no technology that makes boring games interesting. Blockchain is not magic. The game needs to be fun first, then we add blockchain.”
Jang Hyun-guk, the CEO of NEXUS who led the ‘WEMIX’ coin business at Wemade, moved to Action Square earlier this year. He secured 9.64% equity in NEXUS through a third-party allocation of paid-in capital increase, becoming the second-largest shareholder, and was appointed as the sole representative of NEXUS on the 26th of last month.
Born in 1974, CEO Jang graduated from the Seoul National University with a degree in business administration and earned a master's in management engineering from KAIST. He previously served as chief financial officer (CFO) and chief executive officer (CEO) at Nexon, NEOWIZ, and Wemade. His new challenge at Nexters is driven by a goal to become the top blockchain game. Initially, Nexters has developed and operated collectible RPGs, strategy massively multiplayer online role-playing games (MMORPGs), and shooting action games, centered around the action RPG genre. However, under Jang's leadership, the company is focusing its efforts on the blockchain game platform 'CROSS Project.'
CROSS supports game companies in issuing and managing tokens. It aims to create an environment where in-game items and currencies are tokenized, allowing users to own and trade them. It plays a role similar to the well-known game platform 'Steam' in the blockchain gaming industry. Jang noted that the value of these currencies will be strictly determined by supply and demand within the game.
Last month, NEXUS completed the establishment of the ‘Open Game Foundation (OGF)’ blockchain game foundation in Zug, Switzerland, and signed a comprehensive service deal worth 5.4 billion won on the 28th. The foundation will handle policies related to blockchain and virtual assets, while NEXUS will be responsible for actual game development and services. The first game being launched under the name
NEXUS, ‘Ragnarok: Monster World,’ is set to be released on the 22nd of next month. ‘Ragnarok: Monster World’ distinguishes itself by introducing a subscription-based revenue model, moving away from the existing freemium model.
In line with the release of the Ragnarok game, NEXUS plans to unveil the ‘CROSS X’ app on the 1st of next month, which will serve as a central service for the CROSS blockchain-based ecosystem. CROSS X is intended to be a one-stop platform that encompasses various games and additional services beyond just simple digital asset management.
On the 18th, CEO Jang met with ChosunBiz at NEXUSs’ office in Gangnam, Seoul, and stated, “We plan to expand the CROSS ecosystem in major regions around the world.” A branch has already been established in China, and they are in the process of setting up a branch in Dubai.
He also shared his views on the current situation where financial transactions based on blockchain games are prohibited in South Korea. Jang said, “South Korea is the only country where blockchain games are banned. I believe that positive discussions will take place in the domestic political arena in the future.” Below is a Q&A with CEO Jang.
-I’m curious about the background of your direct entrepreneurship.
“I have worked in the game industry for about 29 years. After being involuntarily laid off from my previous job at Wemade, I had significant concerns. I didn’t want to return to being an employee. I wondered, 'What am I good at?' and I realized that I had achieved significant success in blockchain games. Since my departure from Wemade, there hasn’t been much progress in the global blockchain game industry. This year, I will make it a foundational year for the development of blockchain games, with Nexters leading the way.”
-What is a blockchain game?
“In Korea, it’s banned, so understanding is bound to be low. A game is essentially a simulation, and players recognize that it’s fake. The degree of immersion determines how fun the game is. Blockchain games have economic value, which increases immersion. If a game is fun, users will invest their time and money. However, that time and effort become trapped as assets within the game. Blockchain technology transcends that boundary and provides real economic meaning outside the game, and that’s what defines blockchain games.”
-Are there any games that fit well with blockchain technology?
“Since it creates a new economic structure, it fits well with more complex MMORPGs. It can also be introduced into first-person shooter action game genres. Furthermore, it can be used in casual games in various ways. Last year, there were successes in very simple games known as 'meme games.' For example, when playing Anipang, people used to send messages to their friends asking for hearts because they were lacking them. If such elements are preserved as game tokens, immersion will increase significantly. Veteran players can enjoy sharing those hearts with friends or selling them at lower prices. This year, Nexters plans to introduce blockchain technology with the 'Dragon Flight' intellectual property (IP).” (Dragon Flight is a mobile shooting game released by LINE Games in 2012, where players move characters side to side to destroy monsters and obstacles.)
-There may be cases where it’s difficult to exchange tokens between games on the CROSS platform.
“If the game developers allow it, the value will be determined strictly by supply and demand. Tokens in game A and game B are not defined as '1 to 1' artificially. Once token exchange becomes possible, two originally unrelated games may connect with each other. For instance, a mother could exchange items from her puzzle game with the assets from her son’s MMORPG. I believe it’s a future that can definitely be achieved if game developers use their imagination.”
-It seems there is still a lack of trust in blockchain games.
“I have made blockchain games for seven years, but people are either unaware or dislike new things. The perception that ‘people play games to make money’ has negatively impacted views on blockchain games. So far, I have succeeded with two games (Jang led the ‘Knight Crow’ and ‘Mir’ series projects during his time at Wemade). I am looking into Chinese casual games and meeting with Japanese game developers. I think we need to create more success stories to encourage game companies to challenge blockchain games.”