Korea Web3 gaming platform gets $34m

Kakao Ventures and MetaBora, a gaming subsidiary of Kakao, also took part. They were joined by Korea’s Fast Ventures and several gaming companies.

Iskra aims to bring Web3 adoption to mainstream markets through blockchain-based gaming with token-based business development services, a user ownership model, and a strong social element.

The platform – described as an environment for players, game developers, and investors alike – offers crypto rewards to stakeholders based on participation. It has plans to launch a USD 200m gaming fund that will focus on Web3 models.

Management is said to include blockchain and game industry veterans with several exits between them from the likes of Tencent Holdings. “Iskra is a seasoned team that can combine the best of blockchain and games. During our incubation, the team successfully built a model that incentivizes various stakeholders in the community,” Krust CIO Junghoon Kim said in a statement.

Krust described Iskra as aligned with Singapore-based blockchain platform Klaytn, one of its portfolio companies. Klaytn offers a range of services around metaverse gaming and digital assets for intellectual properties. It has scaled rapidly since its inception in 2019 on the back of partnerships with the Bank of Korea’s digital currency program and messenger app KakaoTalk.

Immersive gaming, in-game rewards, virtual property rights, branding, community building, and micro-economies based on company tokens are interconnected themes in the Web3 and metaverse opportunity set. The idea is to create a business environment based on a decentralised internet, where users interact in 3D settings and all transactions are based on digital assets.

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• Topics
• North Asia
• Consumer
• Technology
• Media
• South Korea
• Kakao
• gaming
• blockchain
• metaverse
• Web 3.0
• Cryptocurrency