Korean Game Maker NCSoft Reveals $15 Million Strategic Investment in Mysten Labs – NFTgators
- NCSoft has invested $15 million in Mysten Labs.
- The investment is part of Mysten Labs’ $300 million fundraising at a $2 billion valuation.
- The two companies will also collaborate on future projects to create digital entertainment experiences.
NCSoft announced a $15 million strategic investment in Mysten Labs. The Korean video game developer was one of many backers of infrastructure company web3 $300 million funding round announced in September.
Mysten Labs was launched in 2021 by former Meta executives to onboard creators and developers looking to build on web3. The company’s inaugural product is a Sui, a layer-1 blockchain designed to scale with demand and drive growth.
NCSoft and Mysten Labs plan to expand the partnership beyond fundraising by collaborating to create user-centric digital entertainment experiences on Sui.
NCSoft is one of the leading digital and mobile game developers in South Korea. The company was founded in 1997 and has since become renowned for creating critically acclaimed game franchises including Lineage, Aion, Guild Wars, and Blade & Soul.
Commenting on his company’s strategic investment in a Web3 infrastructure platform, Dr. Songyee Yoon, President and Chief Strategy Officer of NCSOFT, said“Blockchain technology has the potential to create new and innovative gaming experiences. a passion for community building and reliable technology that is crucial for those who want to build a platform at scale and reach.
Mysten Labs’ $300 million fundraising was led by FTX Ventures, the venture capital arm of FTX, with participation from a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners, among others.
The company has already announced several partnerships with gaming and media companies as part of its strategy to work with consumer-facing platforms.
Evan Cheng, Co-Founder and CEO of Mysten, commented, “NCSOFT is a legendary name in gaming with a rich heritage of creating fun and innovative experiences that have attracted millions of loyal gamers around the world. We are grateful for the financial support and partnership of NCSOFT, which is a strong testament to the power of Sui as the definitive blockchain for video game applications.”
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