Japanese blockchain Oasys teams up with Kakao’s web3 gaming division

Japanese gaming blockchain Oasys has partnered with South Korean internet giant Kakao’s Web3 gaming division Metabora SG to support the game publisher’s expansion into the Japanese market.

“Metabora SG brings to the table expertise in creating immersive gaming experiences, which coupled with Oasys’ eco-friendly technology should attract Japanese players,” Oasys said in a statement on Thursday.

The partnership comes as part of Oasys’ Dragon Update, which is the company’s core strategy for 2024. It aims to focus on the expansion of the gaming blockchain through more interoperability and linkage with content makers, the company said.

Last week, Oasys announced a partnership with another South Korean game developer Com2uS with plans to onboard its games to the Oasys blockchain. Many South Korean Web3 game developers have been seeking the global release of blockchain-based games since local rules have banned their domestic release.

Oasys, which offers both Layer-1 and Ethereum-based Layer-2 networks for game developers, has gaming heavyweights Sega, Ubisoft and Yield Guild Games as network validators.

Regulatory revamp

Japan has recently started restructuring regulations in favor of the local crypto and Web3 industry. In December, the Japanese cabinet approved a revision to the tax regime that would exempt companies from paying taxes for unrealized crypto gains. Last week, the country's cabinet approved a proposal that would allow venture capitals to invest directly in crypto startups.  

Oasys said on Wednesday in an X post that it engaged in a discussion with the ruling political party’s Web3 team on the current regulatory landscape and ways to boost the local Web3 gaming industry’s global competitiveness.

“I made a presentation to the Ruling party and Government how liquidity is important for Web3 game projects,” Ryo Matsubara, a director of Oasys, wrote on X. “The crypto market in Japan is running dry of liquidity after several incidents and strict regulation. If Japan recovers its liquidity, it will be the hottest market as we have a lot of attractive content.”