Colopl’s GameFi Division
Major game company COLOPL Group announced on the 20th that Brilliantcrypto Co., Ltd., a 100 subsidiary that handles blockchain games, has signed an IEO (Initial Exchange Offering) contract with Coincheck Co., Ltd.
[Notice of COLOPL Group]
Brilliantcrypto, a blockchain game company, and Coincheck Co., Ltd. have signed a contract for an IEO.
— Colopl official account (@colopl_pr) July 20, 2023
The IEO is a system in which cryptocurrency exchanges take the lead in conducting project screenings in accordance with Japanese laws and regulations, and conduct public offerings and distribution of cryptographic assets (tokens). By leveraging the exchange’s user base and sales network, it is expected to revitalize the community from the early stages of the game’s launch.
As part of this deal, Colopl Group and Coincheck will jointly operate blockchain games being developed by Brilliantcrypto and Coincheck’s cryptocurrency trading service, deepening their collaboration to create new gaming experiences and the GameFi market. In addition, Brilliantcrypto has shown a policy to lead to expansion into the global market.
What is GameFi
A word that connects game and finance, it refers to the entire game that has established a mechanism to earn by playing the game (Play to Ear) by combining blockchain technology and crypto assets with the game.
Brilliantcrypto, which develops GameFi business using blockchain technology, was established in November 2022 as a wholly owned subsidiary of Colopl Group. Colopl, the parent company, is a listed company on the Tokyo Stock Exchange, and is known for its representative works such as “Quiz RPG Wizard and Black Cat Wiz” and “Shironeko Project”, and the joint development of Square Enix’s location information game “Dragon Quest Walk”.
Mr. Tomoyuki Isaka, Executive Vice President of Coincheck and General Manager of Crypto Asset Business Headquarters, commented as follows.
We are very pleased to be able to work with the creative team and IEO of Colopl Group and Brilliantcrypto, a rare company that can invent and provide unique game designs that meet the changing times.
connection:5 points to note about token sales, learned from successful cryptocurrency IEOs
Game design inspired by PoW
So far, four IEOs have been held in Japan, two of which were conducted through the IEO platform “Coincheck IEO” provided by Coincheck. Isao Baba, founder and chairman of COLOPL and president of Brilliantcrypto, said of the IEO partnership with Coincheck:
We have been doing business based on technology and original ideas in the mobile game industry for many years, and we believe that the combination of Coincheck, the largest exchange in Japan, will create a big excitement not only in the Japanese web3 industry and the game industry but also in the world.
The blockchain game being developed by Brilliantcrypto is inspired by Bitcoin’s consensus-building mechanism “Proof of Work” and adopts a new model called “Proof of Gaming” where gameplay proves its value for others.
By establishing a new mechanism that overcomes the issues of “Play to Earn (P2E)”, we aim to become a large-scale global project from Japan.
Brilliantcrypto will announce more details about this in-development blockchain game at the global conference WebX 2023, which will be held on Tuesday, July 25th and Wednesday, July 26th, 2023.
Brilliantcrypto President Isao Baba will give a presentation at the Tokyo International Forum, which will be the venue, from 14:00 on the 25th (Tuesday).
What is Proof of Work?
A consensus algorithm that approves and generates new blocks by performing calculations (mining) on a computer.
connection:Proof of Japan to hold a special event at the international conference “WebX”