NS Studio
- Company typePrivate
- Founded2011
- HeadquartersLilyfield, Australia
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
NS Studio firmographics
Firmographics- Name
- NS Studio
- Legal name
- 주식회사 엔에스스튜디오
- Website
- https://nsstudio.co.kr
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Where NS Studio is headquartered
LocationHeadquarters
- HQ city
- Lilyfield
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
NS Studio business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain
Revenue model
- Game Publishing & Licensing: NS Studio develops games and licenses them to publishing partners globally. Revenue generated through publishing contracts with companies like VALOFE for Black Squad, with regional distributors in Japan (NHN Hangame), Indonesia (PT.Kreon), Taiwan (VALOFE Taiwan).
- P2E Gaming (Play to Earn): P2E gaming through Black Squad Classic on blockchain platforms. Users can earn GT Coin through gameplay and social activities, with item trading and economic activities facilitated within the metaverse ecosystem.
- NFT Marketplace Transactions: GameTree NFT marketplace enables trading of game items as NFTs, creator-owned items, and various P2E game NFTs with transaction fees as revenue source.
- Mobile Gaming Publishing: Mobile MMORPG publishing through partnerships including KOD (Kingdom of Dragon) developed by Sotte Mobile, targeting 500v500 siege battles with various character collection mechanics.
- GT Coin Ecosystem: GT Coin serves as the base currency for GameTree metaverse platform, used for game item trading and economic activities within the metaverse. Revenue from token ecosystem participation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Game purchases and in-game transactions |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels6 records
NS Studio product offering
Product offeringCore offering
NS Studio develops and publishes online video games, with a core franchise built around the military first-person shooter Black Squad, expanded through sequels such as APE SQUAD and Black Squad Classic (a P2E/blockchain version). The company also operates the GameTree metaverse platform with an integrated NFT marketplace, the GTCOIN token, mobile MMORPG KOD (Kingdom of Dragon), and defense training simulation products (TACS, ACAS, Next-Generation Training Simulator) for military and government clients.
Product overview
NS Studio is a Korean game development company offering a diversified portfolio spanning multiple product lines. Its core products include military online FPS games (BLACKSQUAD and APE SQUAD), mobile MMORPG (KOD), and P2E/blockchain offerings (GameTree platform, GTCOIN token, GameTree NFT Marketplace, Black Squad Classic). The company also develops defense and training simulation products (TACS, ACAS, Next-Generation Training Simulator) and VR/AR content. The GameTree platform serves as the blockchain/metaverse layer across the portfolio, enabling NFT-based item ownership and Play-to-Earn mechanics. NS Studio partners with publishers (Valofe, NEOWIZ GAMES, NHN Hangame) for regional distribution and with blockchain platforms (WEMIX, Neopin, Infinity Market) for P2E services.
Differentiator
Problem solved
Functional benefit
Brands
- GameTree: P2E-based metaverse NFT platform developed in partnership with KOVACA. Users can digitize game items as NFTs, trade and manage them safely, and receive GTCOIN as rewards for gameplay and social activities.
- Black Squad Classic
Products and services
- BLACKSQUAD Military online first-person shooter (FPS) game developed by NS Studio. Features distinctive hit feedback with special sound effects, 20+ game modes, 500+ weapons, and tactical clan-based competitive gameplay. Distributed globally through Steam, VALOFE, NHN Hangame, and WEMIX, with cumulative users exceeding 30 million.
- GameTree P2E-based metaverse NFT platform developed by NS Studio and KOVACA. Users can digitize game items as NFTs, trade user-created items, and earn GTCOIN through gameplay and social activities within the GameTree ecosystem.
- GameTree NFT Marketplace Self-developed NFT marketplace within the GameTree platform that supports trading of game NFTs, K-pop artist NFTs, and various P2E game NFTs from multiple collections.
- GTCOIN Native cryptocurrency token of the GameTree metaverse platform, listed on MEXC, XT.COM, and Uniswap. Serves as the base currency for trading game items and economic activities within the GameTree metaverse ecosystem.
- TACS Military training simulator developed by NS Studio. Listed in the product portfolio as a standalone title alongside other defense/simulation offerings.
- ACAS Military training simulator developed by NS Studio, listed in the product portfolio alongside TACS as part of NS Studio's defense/simulation offerings.
- LORD of DRAGONS
- APE SQUAD Modern high-tech combat FPS game featuring clan-based PvP gameplay with precision firearms and shooting mechanics. Emphasizes balance and controls modeled on classic FPS games for experienced clan players.
- KOD (Kingdom of Dragon)
- Black Squad Classic
- VR/AR Contents
- Next-Generation Training Simulator
Quantifiable outcome
- 30 million+ cumulative game users across all platforms
- +3 more outcomes
Companies that use NS Studio
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles3 records
NS Studio technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration16 records
Feature6 records
NS Studio partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered major, strategic and core.
- Nemo Partners (싱가포르)majorPartnership with Singapore-based Nemo Partners for game platform GXC cooperation.
- GXC (게임플랫폼)majorMOU signing with GXC game platform for blockchain gaming ecosystem expansion.
- Film Company Bidangi (영화사 비단길)strategicIP cooperation MOU signed with Bidangi film company for potential media franchise development.
- MEXCcoreGT Coin listing on MEXC global cryptocurrency exchange. MEXC has users in approximately 200 countries and is ranked top 20 on CoinMarketCap with over $5 billion in trading volume.
- Neone Special Forces Entertainment (노느니특공대엔터테인먼트)strategicBlockchain, NFT, and metaverse business cooperation partnership. Entertainment-tech combining K-pop virtual group 'Sagong Iho' with metaverse.
- HDLabs (에이치디랩스)strategicBlack Squad Classic partnership. HDLabs is a global blockchain tech company providing P&E, M2E, gaming publishing, and metaverse solutions.
- Seoul Science General Graduate School (서울과학종합대학원)strategicNFT MOU for blockchain-based NFT development and service operation. Includes VC MBA education cooperation and blockchain technology collaboration.
- XT.COMcoreGT Coin listing on XT.COM exchange with 3 million registered users and 30 million ecosystem users. XT.COM operates in Korea, Singapore, and globally with 500+ coins and 800+ trading pairs.
- Metacongs (메타콩즈)strategicMetaverse expansion partnership with Korea's #1 NFT-PFP project. Marketing, design, service development collaboration for global metaverse ecosystem.
- NeoPle (네오플라이)strategicLOI signed for blockchain gaming ecosystem development using Neople's Nepin blockchain open platform and GameFi/P2E services on Klaytn network.
- Jordan (AL-sami)strategicMOU for next-generation training simulator cooperation with Jordan-based AL-sami.
- ESA (유럽 PSC회사 - 폴란드 소재)strategicMOU for next-generation training simulator cooperation with ESA, a European PSC company based in Poland.
- VALOFE (밸로프)coreBlack Squad publishing contract with VALOFE since October 2020. VALOFE handles global publishing, Korea service, and Taiwan service. VALOFE also manages Black Squad Classic P2E publishing.
- Defense Industry ConsortiumstrategicParticipation in converged defense training system simulator development project.
- NHN HangamecoreJapan publishing partner for Black Squad service launch in November 2016.
- PT. KreonmajorIndonesia publishing partner for Black Squad service launch in 2015.
- Neowiz Games (네오위즈게임즈)coreKorea publishing partner for Black Squad since 2014. Joint business agreement signed in 2012.
- KOVACA (한국VR·AR컨텐츠진흥협회)coreCore consortium partner for GameTree metaverse platform development. KOVACA is a non-profit under Ministry of Culture with extensive VR/AR member network globally.
- DF Chain (디에프체인)coreDragonfly subsidiary handling Black Squad Classic P2E global publishing (excluding Korea, China, Singapore) through Infinity Market P2E platform.
- Wemade (위메이드)majorBlack Squad P2E launch on Wemix platform as the first domestic FPS P2E game.
Scale indicators10 records
Recent moves7 records
Expansion highlights7 records
NS Studio competitors and assessment
Company assessmentBroad incumbents
- Krafton: Korean game giant behind PUBG: Battlegrounds, a leader in the global FPS/battle-royale category. Comparable as a Korean game studio competing in the same FPS genre as Black Squad/APE SQUAD, but at vastly larger scale.
- Netmarble: Korean mobile/online game developer with franchises including Lineage 2: Revolution and Marvel Future Fight. Comparable as a major Korean mobile and online game publisher relevant to KOD's mobile MMORPG positioning and to Black Squad's regional publishing dynamics.
- NCSOFT: Korean developer/publisher behind the Lineage MMORPG franchise and a major global online game operator. Comparable as a large Korean online game studio operating long-running franchise IPs in the same broad category as NS Studio.
- Smilegate: Korean developer/publisher of Crossfire, one of the highest-revenue FPS franchises globally. Comparable as a Korean FPS specialist with a long-running global online shooter IP competing in the same category as Black Squad.
- Pearl Abyss: Korean developer of Black Desert Online, a leading MMORPG franchise with global publishing. Comparable as a Korean MMORPG developer/publisher relevant to NS Studio's KOD mobile MMORPG ambitions.
- Nexon: Global Korean-Japanese publisher/developer of franchises like MapleStory, Dungeon & Fighter, and Counter-Strike Online. Comparable as a major Asian online game publisher that competes for the same long-tail online shooter audience and uses regional publishing networks like NHN Hangame.
Direct peers
- Animoca Brands: Hong Kong-based Web3 gaming and metaverse investor/developer with major stakes in The Sandbox, Axie Infinity, and dozens of blockchain games. Comparable as a Web3-native gaming operator pursuing NFT and metaverse economies similar to GameTree.
- Wemade: Korean game developer/publisher behind the WEMIX blockchain platform and Legend of Mir series. Directly comparable as a Korean Web3 gaming platform that NS Studio partnered with for the first domestic FPS P2E launch, sharing P2E/token-economy and Asian market focus.
- Gala Games: Blockchain gaming platform that publishes multiple P2E titles with its own GALA token economy and NFT marketplaces. Directly comparable to NS Studio's GameTree/GTCOIN model of tokenized cross-game economies.
- Sky Mavis: Vietnamese-origin creator of Axie Infinity and the Ronin blockchain, a pioneer in P2E/blockchain gaming. Comparable as a GameFi studio that built an economy around gameplay earnings and tokenized assets — the same model GameTree is pursuing with GTCOIN.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
NS Studio social profiles
Digital presenceNS Studio financial estimates
Financial estimateRevenue estimate
Valuation estimate
NS Studio leadership team
Management profileNumber of profiles
Profiles1 record
NS Studio funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NS Studio M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NS Studio
What does NS Studio do?
NS Studio develops and publishes online video games, with a core franchise built around the military first-person shooter Black Squad, expanded through sequels such as APE SQUAD and Black Squad Classic (a P2E/blockchain version). The company also operates the GameTree metaverse platform with an integrated NFT marketplace, the GTCOIN token, mobile MMORPG KOD (Kingdom of Dragon), and defense training simulation products (TACS, ACAS, Next-Generation Training Simulator) for military and government clients.
Is NS Studio a public or private company?
NS Studio is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was NS Studio founded?
NS Studio was founded in 2011. It employs 11 to 50 people.
Where is NS Studio based?
NS Studio is headquartered in Lilyfield, Australia, in the Oceania region.
How does NS Studio make money?
Five revenue lines are on record. Game Publishing & Licensing is the primary driver. The others are P2E Gaming (Play to Earn), NFT Marketplace Transactions, mobile Gaming Publishing and GT Coin Ecosystem.
Who are NS Studio's main competitors?
Broad incumbents on record are Krafton, Netmarble, NCSOFT, Smilegate, Pearl Abyss and Nexon. Direct peers are Animoca Brands, Wemade, Gala Games and Sky Mavis.
Does NS Studio have an API?
No public API is recorded for NS Studio.