Sector Analysis
Games (Neutral/Initiate) The rise of blockchain games
> The rise of blockchain games

I. Investment summary


II. The rise of blockchain games

1. Not just a fad
2. Blockchain games: The fifth transition
3. Changes in income structure and total pie
4. 2022 outlook: Stagnant top line and rising costs


III. Strategies for surviving the paradigm shift
1. Blockchain game platforms
2. Gaming companies with competitive IP or exposure to key genres
3. Domestic developments related to blockchain platforms


IV. Blockchain gaming issues
1. Inflation
2. The dilemma posed by P2E gamers
3. GameFi as a potential solution


V. Investment strategy


Company analysis:
Kakao Games (293490 KQ/Buy)
Wemade (112040 KQ/Buy)
NCsoft (036570 KS/Buy)
Netmarble (251270 KS/Buy)
Krafton (259960 KS/Buy) 
Pearl Abyss (263750 KQ/Hold)

 


**** Please see the attached files for details.

Author
HeeSeok Lim
Date
2022-03-18
Attach

Mirae Asset Social Networks


Mirae Asset Securities
Mirae Asset Global Investment
Mirae Asset Life insurance

Mirae Asset Global Network