The crypto markets in South Korea have long stood out from the rest of the world, and a lot of this has to do with the “Kimchi premium,” which often causes Bitcoin (BTC) to trade on local exchanges at much higher prices than what’s seen elsewhere.
Now, one cutting-edge platform is aiming to capitalize on the fervent interest for digital assets in the country, with an ambitious expansion of its services that sit at the crossroads between cryptocurrencies and gaming.
GamerHash says it has already amassed more than 570,000 users in three years and is now planning to make inroads in South Korea. By doing so, it estimates that it will boast a user base of 1.5 million customers by the end of 2021.
Focused on gaming, digital goods and NFT marketplaces, GamerHash enables players to mine cryptocurrencies using their gaming PCs. With crypto miners and gamers going head to head in a race to get their hands on Nvidia graphics cards amid a global shortage, this could be argued as a prime example of having your cake and eating it.
Figures from GamerHash suggest that its business model is well-primed to expose a lot of untapped potential, too. There are an estimated 2.5 billion gamers worldwide, with data suggesting that video game sales are worth hundreds of billions of dollars a year.
How it works
GamerHash enables users to share their spare computing power by running its app in the background. This software then determines the best cryptocurrency to mine and rewards gamers in turn. The project’s co-founders say this helps eliminate some of the technical hurdles that can exist with crypto mining and stress that its tools can be used without any additional expense.
All of this is complemented by a marketplace where games, gift cards and collectibles can be purchased without the user needing a bank account or credit card. More than 600 products can already be found in the GamerHash store, and a peer-to-peer marketplace for nonfungible tokens is also in the pipeline.
The company is also keenly aware that not all gamers have hardware that’s suitable for mining cryptocurrencies profitably. As a result of this, a separate feature called Play&Earn ensures that users can get involved by completing quests, such as downloading mobile apps and playing certain games.
More insights from GamerHash here
GamerHash has recently revealed that it has become a silver partner in the Blockchain Game Alliance — one of the world’s most influential crypto and gaming associations — rubbing shoulders with the likes of Sandbox and Enjin. The platform is upbeat that this could unlock additional partnerships in the future, such as the collaborations that GamerHash already has with Chainlink and Aeternity.
Another milestone came when GamerCoin, the platform’s native cryptocurrency, was listed on Bithumb. This cryptocurrency for gamers has been licensed in the European Union, and the project’s white paper was registered by the Maltese Financial Authority in 2020.
Setting out why an expansion into South Korea is a crucial development, GamerHash chief marketing officer Artur Pszczolkowski said: “The country is well-known for crypto adoption and also for being a ‘mecca for gamers’ with a great percentage of gamers in society and as an origin of many esport heroes. It’s a place where GamerHash wants to be much more present.”
The concept for GamerHash first emerged in early 2017, and many milestones have been achieved over the past four years. Looking ahead, the platform plans to launch a beta version of a desktop app for macOS devices, a marketplace for NFTs that’s focused on gaming and esports, and accelerate downloads of its mobile app.
Learn more about GamerHash
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