SK Group Units Invest Nearly $40M in Mobile and Metaverse Game Maker Haegin

Korean technology conglomerate SK Group has taken a huge stake in mobile and metaverse game developer Haegin after two of its units invested nearly $40M.
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Quick take:

  • Korean mobile game developer Haegin has received nearly $40 million from SK Group units.
  • SK Telecom (SKT) and SK Square revealed their AI and metaverse plans each investing $19.7M in the gaming company.
  • The investment makes the SK Group affiliates the third-largest shareholder in Haegin. 

SK Group has invested nearly $40 million in Korean mobile game developer Haegin. The global technology conglomerate’s affiliates, SK Telecom (SKT) and SK Square have each KRW25 billion ($19.7 million) in global mobile game developer Haegin.

The investment is part of the company’s broader strategy of pivoting to AI and the metaverse amid the explosive growth of the immersive virtual world. This makes SK Group’s affiliates the third-largest shareholder in Haegin.

The gaming company was launched in 2017 and has since gone on to create a gaming empire of more than 30 mini-games and social elements dubbed, “Play Together” which have so far attracted more than 100 million downloads and a daily active user base of over 4 million.

SKT has been collaborating with game companies in a bid to expand its AI business whilst also scaling globally. Commenting on the latest partnership, SKT AI manager Lee Hyun-ah said: “We will further advance AI services through close cooperation with Haegin.”

On the other hand, SK Square, which is charged with running the e-commerce and semiconductor operations of the SK Group is looking to continue building its ICT business. The metaverse is expected to boost the economics of information technology and communication with connectivity playing a crucial role.

SK Group’s crypto ventures stretch back to last year when it invested in non-fungible token (NFT) companies as part of its broader strategy for embracing Web3.

Earlier this week, SK C&C, another unit of the group launched an NFT marketplace that will allow users to create, buy and sell NFTs with ease. The “ChainZ NFT” platform will support several NFT-related services, including NFT issuance, transaction, and export.

The platform features an algorithm that allows users to easily recover their lost keys. Cheol Choi, head of SK C&C’s blockchain platform group hailed his company’s latest product for its ability to support transactions free of charge: “The characteristic is that it can support various types of customer services without incurring NFT processing costs.”

More details of the platform will be communicated on May 11 via a webinar when unveiling the NFT platform.

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