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.