As a reminder, Web 3 is a concept focused on the development of the Internet based on decentralisation. The Internet of the Future needs blockchain to deliver it. Therefore, many experts believe that the cryptosphere can directly have a huge impact on shaping the core principles of the Web 3.

Blockchain, cryptocurrencies, NFT tokens and so-called metavalleys – virtual spaces for player interaction – will be at the heart of the next generation of the Internet. Although the topic seems extremely promising, not all people support its individual components. Elon Musk, for example, criticised the addition of NFT tokens to the Twitter platform in January 2022. Read more about this in a separate article.

Cryptogames are on trend

Krafton is the developer of PUBG: Battlegrounds or originally PlayerUnknown’s Battlegrounds, the popular battle royale-style shooter on various platforms. The series has over a billion downloads for iOS and Android mobile devices, as well as over 75 million downloads for PC and consoles.

Krafton

Generally speaking, in PUBG, up to a hundred players gather on a single network map and fight to be the last survivor. The original PC game was launched back in 2017 and has since managed to gain unprecedented popularity among gamers. It makes sense that the success of PUBG has given Krafton excellent financial results from sales – and now the publisher can boldly explore new areas for games.

PUBG

Read also: NFT collection creator announces closure of project. In response, he has been accused of fraud.

According to Decrypt’s sources, Krafton representatives have not yet shared the details of the partnership. That is, it is not yet known whether PUBG or the publisher’s other franchise will be integrated into the Web 3 realm in some way, or whether the company will take on the creation of a new project. The partnership between the company and Solana Labs was commented by Hengchul Park, head of Web 3.

Krafton will continually seek ways to work closely with companies such as Solana Labs to realize our capabilities in Web 3 development and through this partnership, Krafton will gain the knowledge needed to accelerate investments in blockchain and the release of blockchain-based projects.

Krafton and Solana Labs partnership announced

Recall that in February, Krafton management announced other Web 3 initiatives, including a $2.5 million investment in the Seoul Auction Blue platform and a $4.1 million subsidiary, XBYBLUE. Krafton will work with Seoul Auction Blue and XBYBLUE to develop NFT-related projects.

Krafton had a $3.8 billion IPO in South Korea last August, which is now considered the country’s largest in more than a decade. However, according to experts, it fell short of investors’ expectations. At the time of writing, the company’s capitalisation is hovering around $11.4 billion.

The news has had a good impact on what is happening with the exchange rate of SOL, the native token of the Solana network. The cryptocurrency has now risen back above the $100 mark. Naturally, this is also due to the overall positive niche and Bitcoin’s jump above $44,000.

Solana (SOL) daily rate chart

We believe that attempts by big companies to enter the Web 3 world can be likened to a gamble for now. This is a new field, in which some brands have already failed - we are talking about failed launches of NFT-projects, which also ended in major losses for investors. However, those who find a winning tactic for developing their initiatives in this new area could take a significant share of this market in the future. And with even banks getting involved in the virtual space, the trend is sure to be powerful.

What do you think about it? Share your opinion in our Millionaire Crypto Chat. We will discuss other important news there as well.