SOUTH KOREA’S Kakao and Japan’s LINE is set to launch a blockchain platform called Kaia in the Philippines in the coming months, banking on growing Web3 gaming in the country.

Kaia was formed through the merger of the blockchain platform Klaytn of Kakao and Finschia of LINE Tech Plus.

Web3, the third generation of the World Wide Web, gives users more ownership of their digital assets including cryptocurrency and digital collectibles like non-fungible tokens (NFT).

“The games are a big part of the Philippines in terms of Web3. We’d like to have that kind of presence here by bringing games and working with the local gaming teams,” Klaytn Foundation Representative Director Sam Seo said at the launch event held on Monday.

“The game industry… would be our primary focus. But in the long term, we want to make other use cases as well in the Philippines,” Mr. Seo added.

The Philippines ranked fourth globally in the NFT Gaming Adoption Report 2022 by financial tech platform Finder. One in four Filipinos have played play-to-earn (P2E) non-fungible token games, like Axie Infinity.

Kaia has over 420 decentralized applications (DApp), or programs that run on a blockchain or peer-to-peer (P2P) network of computers. It also announced the launch of Infinite Shooting and four other games in partnership with 3KDS, and Web3-powered arcade games from Another World.

“We want to work with the government, banks, and other game developers and other DApp developers as well,” Mr. Seo said.

He said they have partnered with Yield Guild Games, a gaming guild that coordinates players to earn crypto-based rewards in play-to-earn games, as well as virtual currency provider Coins.ph.

Coins.ph Senior Campaigns Manager Filip “Lloi” C. Wycoco said there is still a perception among Filipinos that cryptocurrency is a scam due to a lack of education.

“The cryptocurrency space in the Philippines, when compared to other Western countries, we’re on the right track, but it’s still in the infancy stage,” Mr. Wycoco said.

Mr. Seo added that Kaia envisions mass adoption of Web3, adding that there are many crypto players and traders using it, but not regular people. — Aubrey Rose A. Inosante