Following its emergence as a global leader in bitcoin and cryptocurrency volume, local exchange startup Korbit has announced that PC and mobile gaming firm Nexon has signed a stock trading agreement that would see it acquire Korbit’s management rights.
Founded in 1995, U.S.-based Nexon specializes in massively multiplayer online role-playing games (MMORPGs) and internet quiz games, offering products that notably utilize micro-transactions for in-game purchases.
According to local news source, Hankyung, Nexon has agreed to purchase a 65 percent stake in Korbit at a sale price of 91.3 billion Korean won (roughly $80 million).
— Article via CoinDesk
Why It Matters:
South Korea’s Nexon buying up exchanges has longterm implications for the crypto market and the coins traded heavily in the region.
First movers can set the tone for decades, Cryptocurrency being shaped through the lens of gaming vanity commodity transactions implies future mainstream consumer purchasing mechanisms might look a lot more like Steam trading or F2P game offerings.
Features like bundled token buy-ins, tiered monetary systems, artificial scarcity, and time/use limited purchasing options are prevalent in these markets. Gamers already use digital currencies to buy stuff. The companies supplying them with these offerings give you a good look at what comes next for the rest of us.
— Commentary by Russ Smith
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