MARBLEX, Netmarble’s blockchain-focused subsidiary, is expanding its Web3 game business despite the decline in coin prices. The company plans to monitor domestic virtual asset regulatory trends while continuing related R&D (research and development).
According to Netmarble's semiannual report released on the 8th, MARBLEX, the issuer of MBX, reported assets of approximately 30.5 billion won and liabilities of 83.8 billion won as of late June. Assets have plummeted by more than half from around 68.2 billion won at the end of last year. The semiannual net loss was about 2.1 billion won, and total equity stood at minus 53.3 billion won, indicating a state of complete capital impairment.
MARBLEX’s downturn is attributed to the decline in value of MBX, its own coin issued in 2022. Currently, MBX trades at around 35 won, representing a drop of approximately 99% compared to its initial listing price. While the virtual asset market gained attention during the COVID-19 period, regulatory issues such as concerns over gambling-like behavior in South Korea led to restrictions that made it impossible to launch P2E (Play to Earn) games, causing the market's momentum and value to wane.
Netmarble explained that MARBLEX’s asset reduction resulted from the repayment of virtual assets borrowed by affiliated companies. Most liabilities stem from deferred revenue tied to MBX obligations, and there is no borrowing-style debt involved. Within MARBLEX, 'MBX Store' and 'MBX Pay' are preparing to build a virtual asset ecosystem while monitoring domestic and international legislation and regulatory environments related to virtual assets.
Rather than waiting for changes in the virtual asset regulatory environment, MARBLEX has opted to diversify its business strategy through publishing. Starting with "The Punishment of the First Generation Stock War" in April last year, it has been promoting Web3 publishing of promising external games. "Meta Toy Dragons Saga," released in August last year, reached number one on Google Play Store's popularity chart within 10 days of launch. In October of the same year, MARBLEX signed an MOU (Memorandum of Understanding) with Microsoft (MS) for game publishing and AI-driven innovation. Netmarble plans to go beyond simply onboarding existing games by collaborating closely with game developers to introduce various new game projects within the MARBLEX ecosystem.
Meanwhile, in July, MARBLEX unveiled an NFT (non-fungible token) titled "The Seven Deadly Sins: Resurrection of the Commandments," leveraging the popular IP (intellectual property) from Japanese publisher Kodansha. MARBLEX plans to continue developing experience-based service NFT adventures based on popular IPs. On the 20th of last month, it officially launched the new Web3 publishing mobile game "Pixel Tamers" globally.
A MARBLEX representative stated, "Web3 faces multiple regulations in South Korea, making significant growth difficult at this stage, so we view it as a future business and continue related research." They added, "Currently, our core strategy revolves around three key areas: MBX Store, MBX Pay, and an all-in-one virtual asset financial gateway, aligned with the virtual asset era."
in TECH
