Thirdverse Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo, CEO: Hironao Kunimitsu) and BLOCKSMITH&Co. Co., Ltd. (Headquarters: Minato-ku, Tokyo, CEO Tetsuya Sanada, hereinafter "BLOCKSMITH"), a subsidiary that controls the Web3 related business of KLab Co., Ltd. (Headquarters: Minato-ku, Tokyo, President: Hidekatsu Morita, hereinafter "KLab"), are pleased to announce that they have signed a basic agreement regarding the development and operation of Web3 and blockchain games.
Background and Purpose of the Basic Agreement Contract
GameFi (Game x Blockchain x Finance), a blockchain game or service that adds the concept of Decentralized Finance (DeFi) to games, began growing rapidly last year, with the emergence of games with a token market capitalization of over 10 billion USD.
GameFi is still in its early stages and is expected to grow into a huge industry, comparable to those of DeFi and NFT in the Web3 domain.
By incorporating DeFi elements, GameFi adopts game logic and users that are different from traditional games.
The next phase of this new game genre is beginning to attract attention for its compatibility with IPs. With the growth of the mobile game market, games based on notorious IPs have become increasingly popular as competition has intensified, and we expect a similar phenomenon to occur in the blockchain game market.
BLOCKSMITH believes that it will be possible to create a more attractive GameFi by leveraging KLab's many years of experience and know-how in game planning, development, and operation, while creating an experience that is completely different from conventional mobile games.
Thirdverse, in cooperation with BLOCKSMITH, signed an agreement based on this shared belief and will release a series of blockchain games to the world using well-known IPs from Japan.
Contents of the Basic Agreement and introduction of both companies
The Thirdverse Group is a group of companies whose vision is to create a world-class "VR x Metaverse". Since its establishment in 2013, the group has been developing VR games by its studios in Japan and the United States.
In addition to our world-class VR game development know-how, we are working with advisors and partner companies with successful experience in the global market, such as Animoca Brands, a Web3 company that participated in our August 2021 fundraising, to bring cutting-edge expertise in the Web3 domain to the project in order to realize our vision.
BLOCKSMITH, established in April 2022, is a subsidiary of KLab Corporation that oversees Web3 related business. KLab will provide NFT games utilizing popular IPs by leveraging the IP acquisition capabilities that KLab has cultivated to date. In addition, KLab has devised completely new and unique schemes, mechanisms, and systems that conform to the accounting and legal systems of Japan and the United States, and has applied for business model patents for some of these schemes.
Based on the idea that "The gateway to Web3 is a game, and whoever seizes GameFi will seize Web3," we challenge ourselves with the creation of a unique GameFi model.
In the future, Thirdverse Group and BLOCKSMITH plan to develop IP-based blockchain games and expand overseas. Thirdverse Group will operate as the publisher and BLOCKSMITH will be the contracted developer to co-develop and operate the IP-based blockchain game, targeting a phased launch of the service by the end of 2022, with a pre-sale of the NFT scheduled to be held prior to the service launch.
Comments on the Agreement
From Tetsuya Sanada, President and CEO, BLOCKSMITH&Co.
“KLab has been an LP investor in the gumi Cryptos #1 and #2 Funds led by Mr. Kunimitsu since 2018, and has seen the growth of companies in the web3 industry together, including OpenSea, the world's largest NFT market, which the gumi Cryptos Fund invested in during its seed period, and YGG, the world's first blockchain game guild. I am very excited to be working with Thirdverse and Mr. Kunimitsu, this time not as an investor, but as someone who aims for growth.”
From Hironao Kunimitsu, CEO of Thirdverse
“I have been involved with the folks at KLab in many ways since the Web2 days, and I am very happy to join forces with them as a Web3 player. I am personally quite looking forward to this project. Stay tuned for more releases — Web3 is NOW!”
Company name: BLOCKSMITH&Co.
Representative: Tetsuya Sanada, President and CEO
Established: April 1st 2022
Capital: 10 million yen
Head Office: Minato-ku, Tokyo
Business: Development and distribution of services such as games utilizing blockchain technology or crypto assets and NFT
※All company, product and service names are trademarks or registered trademarks of their respective owners.
About Klab Inc.
Company name: Klab Inc.
Representative: Hidekatsu Morita, President and Representative Director
Established: August 1st 2000
Capital: 4,957.47 million yen (as of March 31, 2022)
Head Office: Minato-ku, Tokyo
Business activities: Planning, development and operation of mobile online games
Company name: Thirdverse Inc.
Representative CEO: Hironao Kunimitsu
Established: April 30th 2013
Head Office: Chiyoda-ku, Tokyo