South Korean blockchain game developer SuperTree Co. Ltd. announced today that it raised 2.9 billion won ($2.5 million) in a Series A funding round led by Korea Investment Partners along with SBI Investment Korea.
SuperTree develops games that utilize blockchain technology, which makes cryptocurrencies, including Ethereum and Bitcoin. Blockchain-based games contain a feature that can issue their own currency, like bitcoin, and also release and mint collectible items, including cosmetics, equipment, and collectible cards.
SuperTree’s most popular blockchain games are “DozerBird” and “CryptoDozer,” categorized as distributed apps or dApps. The game developer launched both games last year in Samsung Blockchain Wallet, introducing them during the Samsung Developer Conference in the U.S.
Distributed apps or dApps do not need a centralized server to operate; instead, they use blockchain technology. The system distributes its computation and storage across several nodes. DApps also use self-executing smart contracts that provide the fundamental communication infrastructure.
SuperTree Chief Executive Choi Sungwone said that the company, with the capital injection, intends to advance the development of user interaction within marketplaces and tournaments and to commercialize after approval from foreign and local agencies.
Currently, Supertree is also developing a tournament platform called “PlayDapp,” enabling users to participate in a real-time competition and socialize in the customer-to-customer marketplace. The marketplace will allow users to trade items with other users within the games directly.
SBI Investment Korea Director Lee Joo-hyuk expects that the use of blockchain technology in the game industry would become more prominent worldwide. The director also hopes that the value of the blockchain game service platforms, such as SuperTree and PlayDapp, will increase even further.
Ripple Labs Inc., the third-largest cryptocurrency provider in the world, raised 117 billion won ($100 million) in funds last year to advance blockchain games development with Forte Labs Inc., a blockchain platform.
SuperTree includes a core team with substantial experience in game development. Developers from companies such as major multiplayer games publisher NCSoft, and South Korea’s largest mobile gaming company Netmarble Corp. are included in the team.
