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                                                                    EXHIBIT 10.1

                 AGREEMENT ON THE DEVELOPMENT OF RAGNAROK ONLINE

This Agreement is hereby entered into by and between GRAVITY Co., Ltd.
(hereinafter referred to as "GRAVITY") with head offices at Room 1201, Hanlim
Building, 146-7, Ssangrim-dong, Jung-gu, Seoul, and Myoung-Jin Lee, original
author of Ragnarok cartoon (hereinafter referred to as "Lee") with address on
the 1st floor, 182, Changcheon-dong, Seodaemun-gu, Seoul, to specify matters
related to the first game title "Ragnarok Online" pursuant to Article 3, Section
4, of the Agreement on the Exclusive License of Copyright Regarding Ragnarok
Game Services concluded between both parties hereto. Now therefore, for good and
valuable consideration, the parties agree as follows:

Article 1: Purpose

The purpose of this Agreement is to specify all matters necessary to the
development and ownership of the online game "Ragnarok Online" by GRAVITY by way
of GRAVITY's exclusive use of Lee's copyrights to Ragnarok cartoon pursuant to
the Agreement on the Exclusive License of Copyright Regarding Ragnarok Game
Services concluded between both parties hereto (hereinafter referred to as
"Exclusive License Agreement").

Article 2: Definition

Terms herein are defined as follows:

1. "Beta Services" refer to services that are offered free of charge for the
purpose of testing and publicizing games for game development.

2. "Commercialization" refers to the event where, following the Beta Services,
GRAVITY distributes the official commercial versions of Software and then
collects service use fees.

3. "Software" refers to server programs designed to operate servers that provide
"Ragnarok Online" services and client programs designed to connect to such
servers. Client software shall be deemed as single software to the extent that
it is operated on the same type of servers, even if it is developed for multiple
platforms such as personal computers, consumer equipment, mobile devices and
industrial equipment.

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4. "Sales Amount" refers to the amount of Ragnarok service use fees which
GRAVITY may legally claim after the Commercialization of "Ragnarok Online" net
of any uncollected amount.

Article 3: Exclusive Rights

1. In accordance with the purpose of the Exclusive License agreement, Lee
confirms that GRAVITY shall have the exclusive rights to develop, reproduce,
manufacture, sell, service, promote, advertise, publicize and sub-license the
Software.

2. GRAVITY shall have the rights set froth in the preceding paragraph everywhere
in the world, including Korea.

Article 4: Royalty

1. Within one month of the commencement of the Commercialization of the
"Ragnarok Online" game, GRAVITY shall pay to Lee KRW 20,000,000 in cash as
royalty, provided that Lee shall pay any related taxes.

2. From the commencement of the Commercialization until the termination of
commercial services or the cancellation or termination of this Agreement,
GRAVITY shall pay to Lee on a monthly basis 1.5% of the Sales Amount (provided
that the taxes on that 1.5% shall be payable by Lee).

3. In the event of the Commercialization of services offered overseas, the
amount and payment method for the royalties shall be separately determined by
the parties after mutual consultation, provided that they will be within 1.5% of
the Sales Amount overseas.

Article 5: Notice of Sales Amount

GRAVITY shall provide Lee with supporting information for the Sales Amount every
quarter until the end of the commercial services or the cancellation or
termination of this Agreement.

Article 6: Obligations

1. GRAVITY may request Lee's cooperation as necessary to the production of
"Ragnarok Online" and Lee shall exercise his best efforts to so cooperate.

2. GRAVITY shall exercise good faith in game development with respect to the
production of "Ragnarok Online" game, and Lee shall provide his maximum
cooperation as the

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copyright holder of the Ragnarok cartoon with respect to the scenario, planning,
story-telling, illustration and proofreading.

3. GRAVITY may request Lee to provide materials and perform additional work in
the production and promotion of Ragnarok Online, and Lee shall be under
obligation to so comply in good faith.

Article 7: Rights

1. GRAVITY shall have preferential rights in making decisions with respect to
the production of "Ragnarok Online".

2. Lee may present his opinions as a copyrights holder in the production of
"Ragnarok Online" and may object to the production direction of GRAVITY by
presenting objective supporting evidence in cases where GRAVITY's production
direction may harm Lee's original Ragnarok cartoon or cause monetary losses. If
Lee's objections are clearly and objectively justifiable, GRAVITY must comply
with Lee's such objections, absent special circumstances.

Article 8: Production and Distribution of Publicity Materials

1. GRAVITY may produce advertisements and publicity materials and distribute
them for free, but may not sell them for consideration without Lee's prior
approval. If GRAVITY makes unauthorized sales of these materials without Lee's
prior approval, GRAVITY shall be liable to Lee for any resulting damages.

 2. Both parties shall do their best to advertise, publicize and promote for the
commercialization of the developed software of "Ragnarok Online" and shall
pursue these efforts through prior consultation to the extent possible.

 3. If GRAVITY requests Lee's cooperation in the production of publicity,
advertising and promotional materials, Lee shall do his best to so cooperate.

Article 9: Notice of the Operational Status of Commercial Services

In the event that there is any material change in the operation of the
commercial services of "Ragnarok Online", including suspension, termination and
re-commencement, GRAVITY shall give Lee written notice.

Article 10: Termination of Commercial Services

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1. In case GRAVITY deems it no longer possible to generate earnings despite
further investments.

2. In case both parties agree to do so.

Article 11: Confidentiality

Both parties shall keep confidential information which they come to know
regarding each other in connection with this Agreement, whether tangible or
intangible, including the other party's technologies, business and operational
management. The parties are under obligation not to disclose such information to
any third party.

Article 12: Termination of Agreement

In the event of any of the following, either party may unilaterally terminate
this Agreement and such termination shall be deemed as notice of claim for
damages:

1. In the event that Lee enters into a duplicative license agreement with a
third party, notwithstanding GRAVITY's exclusive rights set forth in the
Exclusive License Agreement;

2. In the event that GRAVITY is unable to produce or sell the Software due to a
third party action based on copyrights, etc.;

3. In the event that GRAVITY intentionally or negligently inflicts harm on Lee
in connection with the development and sale of "Ragnarok Online" (but only to
the extent that Lee presents objectively justifiable supporting materials and
claims quantifiable monetary losses); and

4. In the event of other breaches of this Agreement by either GRAVITY or Lee.

Provided that, in the event that either party terminates this Agreement for a
reason not specified in this Agreement, the terminating party shall indemnify
the other party for any resulting damages.

Article 13: Compensation for Damages

In the event that this Agreement is terminated due to a breach by either party,
the breaching party shall be subject to civil and criminal liabilities.

Article 14: Amendment of Agreement

The parties may modify, amend or add other provisions as necessary by mutual
consent.

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Article 15: Interpretation of Agreement and Jurisdiction

1. Matters not specified herein shall be resolved amicably through mutual
consultation in accordance with general business customs.

2. The initial hearing for disputes arising in connection with this Agreement
shall be held exclusively at the Seoul District Court.

As evidence of their voluntary entry into this Agreement and the meeting of
their minds with respect thereto, both parties shall execute two original copies
of this Agreement, and each party shall keep one copy hereof.

June 26, 2000

/seal/

Joint Representative Director: Kim Hak-gyu (731101-1011511)

/seal/

Joint Representative Director: Lee Sang-cheol (630909-1231732)
GRAVITY Co., Ltd.
Room 1201, Hanlim Building, 146-7, Ssangrim-dong, Jung-gu, Seoul

/seal/

Myoung-Jin Lee
1st floor, 182, Changcheon-dong, Seodaemun-gu, Seoul
Resident registration number: 740412-1052628<PAGE>

                                                                    EXHIBIT 10.2

                      AGREEMENT ON THE EXCLUSIVE LICENSE OF
                   COPYRIGHT REGARDING RAGNAROK GAME SERVICES

GRAVITY Co., Ltd. (hereinafter referred to as "GRAVITY") and Myoung-Jin Lee,
copyright holder of the Ragnarok cartoon (hereinafter referred to as "Lee"),
hereby enter into this Agreement on the exclusive license of the copyright
regarding the Ragnarok game services, and for good and valuable consideration,
agree as follows:

Article 1: Purpose

This Agreement specifies all terms and conditions necessary for stipulating the
rights and obligations of the parties hereto with regard to GRAVITY's game
services based on the Ragnarok cartoon authored by Lee.

Article 2: Definition

Terms herein are defined as follows:

1. "Game services copyrights" refer to the rights to use the Ragnarok cartoon's
logo, characters, illustrations, scenarios and others to develop, sell,
publicize, promote and advertise games, which shall be transferred to GRAVITY
from Lee under this Agreement.

2. "Titles" refers to any and all online games, package games operated on
personal computer, Internet cafe games, mobile machine games, consumer equipment
games, mobile games and board games, which will be developed by GRAVITY using
the Game services copyrights. However, to the extent that they are operated on
the same type of server, online games shall be regarded as a single title
irrespective of the type of clients.

Article 3: Rights to Works

1. Pursuant to this Agreement, GRAVITY shall hold the exclusive rights to
produce games based on the Ragnarok cartoon both within Korean and throughout
the world. Upon the execution of this Agreement, Lee shall register GRAVITY's
such rights in the copyrights registry relating to Lee's Ragnarok cartoon.

2. Lee warrants that, prior to the execution of this Agreement, he has not
transferred or disposed of, or granted the right to use and profit from, the
copyrights over the Ragnarok cartoon to any third party. If the foregoing
warranty by Lee is found to be untrue, this Agreement shall be made null and
void and Lee shall compensate GRAVITY for all damages.

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3. After the execution of this Agreement, Lee shall not, without the prior
written consent of GRAVITY, transfer or dispose of, or grant the right to use
and profit from, the copyrights on Ragnarok cartoon to any third party.

4. In producing games based on Ragnarok, GRAVITY must enter into an additional
agreement per each Title, separately from this Agreement. To the extent that
GRAVITY intends to enter into such additional agreements, Lee may not refuse to
enter into such additional agreements.

5. GRAVITY may resell, or grant the right to use and profit from, the copyrights
to produce games based on Ragnarok to third parties with or without
consideration.

6. GRAVITY shall not, without Lee's consent, produce ancillary items, other than
the games, using Ragnarok's logo, characters or illustrations. However, GRAVITY
may produce and distribute free promotional products and other ancillary items
for publicity and advertising purposes.

7. GRAVITY shall own any and all rights to the Ragnarok game, including the
copyrights (including the copyrights to computer programs), the use rights and
any other rights. Lee agrees that GRAVITY in its sole capacity may register the
copyrights, sell or use and profit from the Ragnarok game and that Lee will not
raise objections to such activities by GRAVITY.

8. Lee shall own copyrights to illustrations that he directly produces for the
purpose of publicizing the Ragnarok game, and GRAVITY shall hold rights to use
them free of charge.

9. GRAVITY shall guarantee Lee's copyrights and protect them to the best of
GRAVITY's power.

10. GRAVITY may register trademarks on behalf of Lee after written notice to Lee
whenever GRAVITY deems such registration is necessary in connection with
producing the Ragnarok game.

11. GRAVITY shall have the same rights to the Ragnarok cartoon that Lee authors
after the execution of this Agreement as set forth in the foregoing clauses.

Article 4: Term of the Game Services Copyrights; Territory

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1. GRAVITY shall hold the game services copyrights regarding Ragnarok being
granted hereunder from the date of this Agreement until such time as permitted
by law. 2. GRAVITY shall hold the rights specified herein valid and effective
worldwide (including Korea).

Article 5: Rights to Production

GRAVITY shall have preferential rights in making decisions with respect to the
production of Ragnarok game services.

Article 6: Payment of Royalties

GRAVITY shall pay Lee royalties as follows:

1. Amount: KRW20,000,000 (Lee shall pay related taxes)

2. Payment method: In cash within 15 days from the date of this Agreement.

Article 7: Rights to Claim Authorship of the Work and Lee's Related Liabilities
1. In the production of games and publicity materials using Ragnarok, GRAVITY
shall clearly label or mark that Ragnarok is Lee's authored product, provided
that if it is difficult to label or mark due to the size of publicity materials,
both parties shall determine the appropriate labeling method by mutual
consultation.

2. Lee, as the original author of Ragnarok, shall not do anything (including in
private life) that may hinder the successful commercialization and distribution
of the Ragnarok games.

Article 8: Confidentiality
In the course of the production of games based on Ragnarok, neither party may
not disclose to any third party tangible and/or intangible intermediate and
finished outputs without mutual consultation.

Article 9: Cooperation in Production
Lee shall provide GRAVITY with the following materials and make best efforts in
complying with GRAVITY's requests arising from the development of the Ragnarok
game:

1. Collected materials for the establishment of Ragnarok characters.

2. Ragnarok storyboards.

3. Materials for the establishment of Ragnarok's background.

4. Other materials necessary for the exhibition, demonstration, promotion and
other works related to Ragnarok.

Article 10: Amendment and Modification

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1. This Agreement may be amended or modified by mutual consent.

2. With respect to the foregoing clause, the succeeding agreement shall be
controlling over the preceding agreement to the extent there are conflicting
provisions.

3. If one party requests to amend this Agreement, but the other
party does not respond to such a request, the agreement shall remain effective
in entirety, and the party who requests so shall not cancel and terminate this
Agreement on the pretext of such refusal.

Article 11: Termination

If either party breaches any provision of this Agreement, the other party may
unilaterally cancel or terminate this Agreement without separate notice.

Article 12: Disputes

If this Agreement is cancelled or terminated, the breaching party shall be
liable a follows:

1. If GRAVITY is in breach, GRAVITY shall forfeit its Game
service copyrights to the Ragnarok and may not request the refund of the
royalties paid to Lee.

2. If Lee is in breach, he shall return to GRAVITY all royalties paid to him by
GRAVITY in addition to an annual 16% interest calculated for the period from the
first such royalty payment of such copyright fees to the date of return, and
shall also permanently surrender to GRAVITY the Game service copyrights to the
Ragnarok.

Article 13: Interpretation

1. Matters not specified herein and disputes arising from the interpretation of
this Agreement shall be resolved through mutual consultation.

2. The initial hearing for disputes arising in connection with this Agreement
shall be held exclusively at the Seoul District Court.

As evidence of their voluntary entry into this Agreement and the meeting of
their minds with respect thereto, both parties shall execute two original copies
of this Agreement, and each party shall keep one copy hereof.

June 26, 2000

/seal/

Joint Representative Director: Kim Hak-gyu (731101-1011511)

/seal/

Joint Representative Director: Lee Sang-cheol (630909-1231732)

<PAGE>

GRAVITY Co., Ltd.
Room 1201, Hanlim Building, 146-7, Ssangrim-dong, Jung-gu, Seoul

/seal/

Myoung-Jin Lee
1st floor, 182, Changcheon-dong, Seodaemun-gu, Seoul
Resident registration number: 740412-1052628

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