- Samsung Next has participated in a recent funding round to back Axie Infinity
- Following such investments, Samsung Next is looking for higher returns
- FTX Ventures Capital and a16z have also participated in the recent funding raising round
- Although Samsung supports blockchain-based games, the nation prohibits such games due to speculations
Samsung Next, a South Korean conglomerate is increasingly involved in the burgeoning world of blockchain-based gaming. Notably, such games with blockchain elements are banned from the official release in the nation. However, recently, the technology giant’s investment subsidiary had participated in a capital raising round of Axie Infinity, a Vietnam based blockchain game company. The firm is also the creator of the popular play-to-earn games. It is also noteworthy that the firm has previously invested in blockchain game developers including Dapper Labs, the creator of CryptoKitties, and the popular Animoca Brands.
Samsung Next seeks high ROI
According to Kim Jeong-soo, the professor of industrial management and engineering at Myongji University, the technology giant is looking for higher Returns-on-Investment (ROI). He further cited that Samsung Next knows that Axie Infinity is the hottest thing in the current scenario. Moreover, it is observed that the firm has recognized how essential the blockchain and Non-Fungible Token’s industry has become.
Other crypto investors also participates
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Axie Infinity is a “Pokemon Go” type mobile game that allows players to earn real money. Since its establishment the blockchain game has attracted a huge user base. Notably, most of the players are from developing countries like the Philippines and Venezuela. Following the scenario, notable crypto and blockchain investors like Andreessen Horowitz’s a16z and FTX venture capitals also participated in the latest funding round. Besides these, Accel, Paradigm, Standard Crypto, and Fabric Ventures also participated in the funding raising round.
South Korea prohibits blockchain-based games
Samsung’s home base is in South Korea, from where it operates its operations. However, we have noted that within the nation, games with any elements of blockchain or NFTs are prohibited from release. The ban has been imposed from the nation’s Game Rating and Administration Committee. Indeed, the agency cites that in-game random rewards, with some of them being digital collectibles could encourage speculative behaviour.
According to Kim, the government will ease restrictions on blockchain games at some point. Notably, the individuals are very much focused on creating a metaverse, the topics of ownership and value transfer in the cryptosphere. Indeed, such topics are likely being discussed in a very positive light. Ultimately, any developments from such topics may send positive signals to the situation we are witnessing with the blockchain-based gaming industry. It is deemed by experts in the industry that the sector will need to discuss eliminating the speculative factors.