Exhibit 8.1

List of Subsidiaries of Gravity Co., Ltd.

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

L5 Games Inc., formed under the law of the State of California

Gravity Entertainment Corporation, incorporated under the law of Japan and formerly known as RO Production Ltd.

Gravity EU SASU, formed under the law of French Republic

Gravity Middle East & Africa FZ-LLC, formed under the law of the Emirates of Dubai

Gravity RUS Co., Ltd., formed under the law of the Russian Federation

Gravity CIS Co., Ltd., formed under the law of the Russian Federation

NeoCyon, Inc., formed under the law of the Republic of Korea