On February 6, Chinese game developer Nekcom Games, the studio behind Showa American Story, issued an official statement debunking online rumors that Oneness Labs had acquired a stake in the company and launched a cryptocurrency called $SHOWA based on the game’s IP.
Nekcom clarified that it has never collaborated with Oneness Labs, nor has it authorized any entity or individual to issue virtual currencies or financial products related to Showa American Story.
The controversy arose after Oneness Labs publicly claimed to have acquired a stake in Nekcom and announced the launch of $SHOWA, a cryptocurrency allegedly tied to the game’s IP. In the month following its debut, the token’s market value surged to approximately USD 36 million. However, Nekcom’s official statement firmly refuted these claims, stressing that it has never engaged in any form of partnership or equity transaction with Oneness Labs.
The announcement quickly sparked discussions within the gaming industry. As one of the most anticipated games of 2025, Showa American Story has drawn global attention for its unique fusion of Japanese and American cultural influences and its post-apocalyptic narrative style.
Beyond causing unnecessary trouble for Nekcom, the incident highlights broader concerns about unauthorized financialization of game IPs. According to media reports, a veteran in the crypto space noted that leveraging trending topics to promote tokens is a common tactic in the industry. However, this case is notable as the first time a major Chinese gaming IP has been exploited in such a scheme.
Despite Nekcom’s firm denial, Oneness Labs’ affiliated website still features an image labeled as part of a Showa American Story non-fungible token (NFT) project. However, beyond this, no further details are provided.
In the Web3 era, the financialization of game IPs has introduced new fundraising opportunities for developers but has also created legal and ethical risks. In China, virtual currency transactions are considered illegal financial activities, making such models unsuitable for most companies. Nekcom’s statement underscores its commitment to game development and quality craftsmanship, distancing itself from any unauthorized financial activities tied to its IP.
As of publication, both Oneness Labs and Nekcom co-founder Troy Dunniway have issued statements on overseas social media platforms regarding the matter. When contacted by 36Kr for further clarification, Nekcom reaffirmed that its previous statement remains valid and that it is continuing to address the issue.
Past reports have highlighted Dunniway’s extensive industry experience, including roles at Electronic Arts and Microsoft, where he contributed to titles such as Age of Empires, Command & Conquer, and Red Alert. He played a key role in Nekcom’s early development.
However, industry sources suggest that since the announcement of Showa American Story, Dunniway has rarely made public appearances, leading to speculation that he may no longer be actively involved in the studio’s operations.
As Web3 technology continues to evolve, the global gaming industry faces a pressing challenge—leveraging blockchain’s potential while ensuring legal compliance and protecting users from financial risks.
For players, the hope remains that Showa American Story, one of the most highly anticipated Chinese-developed games in recent years, will not be overshadowed by external controversies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Liu Shiwu for 36Kr.