Namkoong Hoon, CEO of Eyes Entertainment, bought a 1 percent stake in Kakao Games on the open market, extending his recent investments in game stocks after JoyCity and Wemeade Play. He said the market views gaming as moving into decline, but he expects growth to resume as technology changes. Namkoong also pointed to Kakao Games’ shareholder structure after Kakao’s stake sale, with Line-affiliated LAAA Investment as top shareholder.

JoyCity said on Wednesday it has started official service for its online basketball game Freestyle Reboot. The game was developed using the Freestyle intellectual property and keeps core elements such as real-time 3-on-3 matches and a street basketball concept, while adopting a new engine to overhaul graphics and character movement. The company also redesigned the system to reduce reliance on item stats and reflect player skill and experience in results.