NCSoft, the developer behind the much-hyped MMORPG AION2, has seen its stock valuation tumble for three consecutive days.

As of 10:32 AM on the 21st, NCSoft's shares were trading at 177,500 KRW, a sharp 5.08% drop from the previous day. While the broader KOSDAQ and KOSPI indices took a hit of roughly 2-3% following the overnight slump in US markets, the gaming and entertainment sector only dipped by about 2%, making NCSoft's steeper decline even more glaring.

On the 19th, the day AION2 hit the shelves, the company's stock price already plummeted by approximately 15%, followed by another 2% slide on the 20th. While it is somewhat of a local tradition for domestic game stocks to suffer post-launch, this relentless downward trajectory suggests that AION2 may have fallen short of market expectations.

To make matters worse, AION2 sits at 37th place in the Google Play revenue rankings as of 11:00 AM on the 21st. Despite the game being notoriously difficult to play on mobile with a heavy focus on the PC version's monetization, the symbolic weight of the Google Play ranking has likely compounded investor disappointment.

We expect the real verdict to land over the weekend of the 22nd and 23rd, as the influx of players will finally bring the game's public reception and performance into focus.