Exhibit 8.1

List of Subsidiaries of Gravity Co., Ltd.

Gravity Interactive, Inc., formed under the laws of the State of California and formerly known as Gravity Interactive, LLC

Gravity NeoCyon, Inc., formed under the laws of the Republic of Korea

Gravity Communications Co., Ltd., formed under the laws of Taiwan

Gravity Game Tech Co., Ltd., formed under laws of Thailand

PT Gravity Game Link Co., Ltd., formed under the laws of Indonesia

Gravity Game Arise Co., Ltd., incorporated under the laws of Japan

Gravity Game Hub PTE., Ltd., formed under the laws of Singapore

Gravity Game Vision Limited, formed under the laws of Hong Kong

Gravity Game Unite Sdn. Bhd., formed under the laws of Malaysia