GLEN Studio (CEO Ja-kyung Koo) is a company that builds a new market economy and creates a Virtual Nation through the integration of the game ecosystem and the blockchain economy. The vision of GLEN Studio is 3E, which means to make games that are entertaining and economical for everyone. We had a virtual interview with Ja-kyung Koo, CEO of GLEN Studio, a company selected for the 2021 Youth Startup SMART 2030.
Q1. Please introduce the service
A. CEO Ja-kyung Koo (CEO Koo): Our service enables NFT (Non-Fungible Token) to be used in games, aiming to realize a metaverse where NFT functions as a digital asset and links with the real economy. In 2010, talented users were able to use games as a livelihood with the development of the e-sports market. In 2020, more people could pursue profits through games as the Internet broadcasting market developed. Game users in 2030 will be rewarded for creating in-game economy, society, and culture through the GLEN Studio metaverse game and will be able to live through the rewards.
Q2. Please explain the development background
A. CEO Koo: Art and game items have a lot in common. Just as an artist spends days or months to create an artwork, it takes a similar or longer time to produce a higher-level game item. In the existing game platform ecosystem, the value of items was damaged due to distrust toward the central server and game companies, and game users could not receive fair compensation for their efforts.
However, trust in data has been created through the development of blockchain technology, creating an environment where simple data can be recognized as a digital asset. GLEN Studio is creating a new market economy by developing games that combine the blockchain economy and game ecosystem.
Q3. What is GLEN Studio’s target audience?
A. CEO Koo: Our service has two main types of targets. The first is digital asset investors and the second is existing game users. Digital asset investors purchase NFTs and use them as investment assets by judging the future utility and investment value of NFT projects, while existing game users are the main consumers who purchase NFTs for actual game play and use these NFT characters or items. If the value of NFTs fluctuates through the demand of game users and external capital flows from digital asset investors, the NFT financial transaction market will become active.
Q4. What are the distinctive features of GLEN Studio that differentiate it?
A. CEO Koo: One of the characteristics of NFT is that the transaction fee of NFT can be set at the time of production. For this reason, most NFT games in the existing market focus on transaction activation rather than game performance. In contrast, Random Crypture Defense, the first service of GLEN Studio, focused on game characteristics differentiated from the existing NFT game market. As a game that utilizes the know-how of 8 years of defense game development and operation experience, it allows users to enjoy PVP and PVE modes and try various strategies using their own NFT characters.
In addition, GLEN Studio’s unique NFT will be developed for use by the company’s subsequent games and games to be partnered with. As a result, to play other genres of games, users can access various games to be developed within their platform without disposing NFT.
Q5. What is the market for the business sector and what are the future growth prospects?
A. CEO Koo: The blockchain industry has grown steadily with the advantages that it cannot be forged or tampered, and recently, the NFT market is growing rapidly as it has taken a step forward from the existing cryptocurrency technology. Unlike traditional cryptocurrencies that contain only information about the amount of issuance, NFTs can represent images, videos, sounds and other types of digital files.
The market for NFT artworks using this has been steadily growing, and recently, various projects that can utilize these NFTs are introduced to the market. As data can function as a digital asset with the development of NFT technology, the NFT market is expected to continue to grow.
Q6. Do you have any plans to enter overseas markets?
A. CEO Koo: Our game Random Crypture Defense targets global release. While attracting early users through marketing centered on English-speaking communities where there are many early adopters of blockchain, we will focus more on advancing into Southeast Asian countries that are familiar with P2E (Play to Earn) services.
Q7. Please introduce to us if you have any future plans or major issues.
A. CEO Koo: The first service of GLEN Studio is scheduled to be released in the first quarter of 2022. After that, we plan to expand the NFT game platform through continuous development of follow-up games and partnerships with other games, while expanding the scope to games that can be enjoyed in various environments, including VR and AR.
However, since our games utilize NFT, they are affected by domestic law on the Reporting and Use of Specific Financial Transaction Information and game-related laws. As a result, we will separately manage GLEN Studio’s game packets serviced in Korea. While the main functions of the game will be maintained, restrictions will be placed on content related to directly cash conversion that violates the Act on the Promotion of the Game Industry.
In the long term, through continuous growth of the business, we will implement a blockchain metaverse in 2024 to establish an environment that can integrate existing services. GLEN Studio aims to create a new market economy by linking the digital economy with the real economy through the NFT metaverse.
Meanwhile, Gyeonggi Content Agency, which runs Pangyo Gyeonggi Cultural Creation Hub, is supporting the ‘2021 Youth Startup SMART 2030’ program to help young prospective entrepreneurs successfully start a business. For 8 years, ‘Youth Startup SMART 2030’ has been supporting the growth of prospective entrepreneurs who wish to start a business in the field of content convergence. The field of support is a wide range of content convergence fields such as publishing, film, music, content solution, design, ICT convergence, and manufacturing convergence. With the growing importance of the contents field worldwide, interest toward these businesses is also growing every year.