Line- and Kakao-backed Web3 gaming firm makes $8m while staying profitable

One of the games on Iskra / Image credit: Norma in Metaland

Iskra, a Web3 gaming firm backed by mobile giants like Line, Kakao, and Netmarble, has registered US$900,000 in profit for 2022, according to VentureCap Insights, which tracks regulatory filings in Singapore.

The Singapore-registered but Korea-based company also logged US$8 million in revenue last year.

According to the company’s audited statements, its revenue comes from “rendering of platform development and related services,” with no further details given.

Iskra, which LinkedIn estimates has over 50 employees, operates a hub for Web3 gamers and developers. It enables players to participate in blockchain-based games, with users trading tokens and other in-game assets on its platform.

This audience is useful for blockchain gaming firms who want to onboard users for their titles. Additionally, Iskra gives studios access to resources that help them build games across genres like strategy, trading cards, and MMORPGs. 

Some of the titles on its platform include casual games like Norma in Metaland and Legend of Slime as well as RPGs like ClashMon and Three Kingdoms Multiverse.

Iskra’s tokenomics are driven by three elements: governance token ISK, utility token Pioneer NFT, and stablecoin iUSD. Users spend ISK to purchase Pioneer NFTs, which give owners the right to become a node operator on the platform.

Nodes provide computing power for Iskra’s blockchain network. In turn, Pioneer NFT holders get ISK tokens and Contribution Points, which the company normally awards based on gaming activity.

Pioneer NFTs are limited in nature, with Iskra only looking to deploy 26,000 individual tokens. The first Pioneer NFT costs US$6,000, with the price increasing by US$20 for every 10 tokens sold. That would equate to the final Pioneer NFT bearing a hefty US$57,980 price tag.

Iskra held its first public sale of 1,000 Pioneer NFTs in June last year. According to a statement, it sold 1,200 Pioneer NFTs in 2022.

See also: Pegaxy 2.0 – can a hybrid Web3 game succeed?

Founded in 2021, Iskra last raised funding in August last year, which pushed its total capital raised for the round to over US$40 million. The company’s CEO Eugene Lee said at the time that the deal would give the firm access to the game catalog of some of its investors.

One of these investors is Netmarble, which released its own NFT-powered games in the past year through its own platform MarbleX. These include Meta World: My City and a version of Ni no Kuni: Cross Worlds.