GRAVITY Co., Ltd.

R.O.S.E. Online Commercialized in Japan

Seoul, South Korea – July 15, 2005 - Gravity Co., Ltd. (Nasdaq: GRVY), an
online game developer and distributor, today announced that its online game
R.O.S.E. Online has been commercialized in Japan following a beta test.
Gravity plans to focus on the Japanese market given its prominence as one of
the world’s top gaming markets.

Along with the commercialization, a new billing model <Style Select> has been
introduced, which enables users to choose a tailored billing system.  There are
three ‘Set billing model’ named Light, Basic, and Complete.  <Style Select>
is charged conveniently with electronic currency exclusive to internet
shopping, and the electronic currency is available in 30,000 stores including
online and convenience stores.

David Woong Jin Yoon, CEO of Gravity commented, “The Japanese online gaming
market continues to grow along with the increased adoption of broadband
Internet services. For a successful commercialization of R.O.S.E. Online in
this important gaming market, our distributor is implementing a diverse
marketing strategy, including celebrity marketing, to provide services in the
Japanese market.”

About Gravity Co. Ltd.
Based in Korea, Gravity is a developer and distributor of online games in
Japan, Taiwan, Thailand and Korea. The Company's principal product, Ragnarok
Online, is currently commercially offered in 20 markets. For more information
visit www.gravity.co.kr.


Forward-Looking Statements:

Certain statements in this press release include forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform Act of
Forward-looking statements generally can be identified by the use of forward-
looking terminology, such as “may,” “will,” “expect,” “intend,”
"estimate,” “anticipate,” “believe,” “project” or “continue” or the
negative thereof or other similar words.  All forward-looking statements
involve risks and uncertainties, including, but not limited to, the ability to
diversify revenue, ability to collect license  fees and royalty payments from
overseas licensees and in a timely manner; ability to acquire, develop,
license, launch, market or operate commercially successful online games;
competition from companies that have greater financial resources; introduction
of new products into the marketplace by competitors; the ability to recruit and
retain quality employees as Gravity grows; and economic and political
conditions globally. Actual results may differ materially from those discussed
in, or implied by, forward-looking statements. The forward-looking statements
speak only as of the date of this release and Gravity assumes no duty to update
them to reflect new, changing or unanticipated events or circumstances.

CONTACTS For GRAVITY:

In Korea:
John C. Chung
GRAVITY Co. Ltd.
Tel: 82-2-3485-1002
chchung@gravity.co.kr

In the U.S.:
David Pasquale, EVP
The Ruth Group
Tel: +646-536-7006
dpasquale@theruthgroup.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		GRAVITY Co., Ltd.

Date: 07/15/2005	By:	/s/John C. Chung
	Name:	John C. Chung
	Title:	Investor Relations Officer

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GRAVITY Co., Ltd. ———————————————————————————————————
(Translation of registrant’s name into English)

Shin-Gu Building, 620-2 Shinsa-Dong, Gangnam-Gu, Seoul, 135-894, Korea
——————————————————————————————————— (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F

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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No