UNITED STATES
                             WASHINGTON, D.C. 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13a-16 OR 15d-16

                                  May 22, 2006

                                GRAVITY CO., LTD.
                 (Translation of registrant's name into English)

     14F Meritz Tower, 825-2 Yeoksam-Dong, Gangnam-Gu, Seoul, 135-934, 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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): [ ]

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

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): n/a


                                         CONTACTS:  Gravity Co. Ltd
                                                    James O. Kwon
                                                    - or -
                                                    Brian Rafferty
                                                    Taylor Rafferty, New York
                                                    - or -
                                                    John Dudzinsky
                                                    Taylor Rafferty, London



Seoul, May 22, 2006-- Gravity, Co., Ltd. (Nasdaq: GRVY), an online game
developer and publisher, has announced that it has entered into a contract to
invest approximately US$ 9 million(approximately KRW 8.5 billion) in Perpetual
Entertainment, Inc., an online game developer based in the United States
("Perpetual Entertainment"). Gravity has purchased 19,226,661 Series D Preferred
Shares of Perpetual Entertainment, Inc. The closing of the transaction was
completed on May 12th. Gravity is expected to be able to participate in the
management of Perpetual Entertainment by appointing one member to Perpetual
Entertainment's board of directors.

According to Mr. Il-young Ryu, the Chairman and CEO of Gravity, this investment
is expected to give Gravity access to some of the most exciting game contents,
game engine and also the platform of Perpetual Entertainment thanks to the
agreement between the two parties, which gives Gravity priority negotiation
rights for future access to contents and other intellectual property rights of
Perpetual Entertainment

Perpetual Entertainment is an online game developer and operator based in San
Francisco. The company was founded in 2002 by former executives from Electronic
Arts and currently has two MMORPGs under development. The company's first
product is "Gods & Heroes: Rome Rising" (TM), which is based on an original
intellectual property owned by Perpetual Entertainment and is scheduled to be
launched in the third quarter of 2006. The company's second product is expected
to be "Star Trek Online" (TM), which is based on the internationally-known
television and motion picture franchise licensed by Perpetual Entertainment from
CBS, and is scheduled to be launched in the fourth quarter of 2007. Gods &
Heroes: Rome Rising(TM) recently received several awards at the Electronic
Entertainment Exposition in Los Angeles (E3), including "Best of Show" and "Best
Graphics" awards from MMORPG.com, and "Best Gameplay" awards from GameAmp.com
and Stratics.com.

"We have concluded that this investment is the best way to secure not only
continuous profit and great contents but also its game engine and platform from
Perpetual Entertainment for Gravity, and expect that our access to these will
contribute to our financial performance in the coming years.." said Mr. Il-young
Ryu,. "As it is expected that more than 60% of growth rate in the overall online
game market will be in the US market, we are hopeful that Gravity and Perpetual
Entertainment will produce excellent results."

                                      # # #

ABOUT GRAVITY CO., LTD. ----------------------------------------------------
Based in Korea, Gravity is a developer and publisher of online games. Gravity's
principal product, Ragnarok Online, is a popular online game in many markets,
including Japan, Taiwan and Thailand, and is currently commercially offered in
21 markets. For more information about Gravity, please visit

ABOUT PERPETUAL ENTERTAINMENT, INC. ----------------------------------------
Perpetual Entertainment is a San Francisco based developer, publisher, and
operator of networked multiplayer and massively multiplayer games for the PC and
next-generation videogame consoles. Perpetual Entertainment was founded and is
staffed by industry veterans dedicated to the vision that playing games together
is simply more fun, more challenging, and more rewarding than playing alone. For
more information about Perpetual Entertainment, please visit

"Perpetual Entertainment" and "Gods & Heroes: Rome Rising" are trademarks of
Perpetual Entertainment, Inc. "Star Trek Online" is trademark of CBS.



Certain statements in this press release may include, in addition to historical
information, "forward-looking statements" within the meaning of the
"safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements can generally 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, although not all forward-looking statements will
contain these words. These forward-looking statements are based on our current
assumptions, expectations and projections about future events. All
forward-looking statements involve risks and uncertainties that may cause our
actual performance, financial condition or results of operations to be
materially different from those suggested by the forward-looking statements,
including, but not limited to, our ability to diversify revenue; our ability to
collect, and in a timely manner, license fees and royalty payments from overseas
licensees; our ability to acquire, develop, license, launch, market or operate
commercially successful online games; our ability to compete effectively in a
highly competitive industry; our ability to anticipate and access technological
developments in our industry; our ability to recruit and retain quality
employees as we grow; our ability to implement our growth strategies; and
economic and political conditions globally. Investors should consider the
information contained in our submissions and filings with the United States
Securities and Exchange Commission (the "SEC"), including our registration
statement on Form F-1, as amended, and our annual report on Form 20-F, together
with such other documents and we may submit to or file with the SEC from time to
time, including on Form 6-K. The forward-looking statements speak only as of
this press release and we assume no duty to update them to reflect new, changing
or unanticipated events or circumstances.


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: 5/17/2006

                                                  By:    /s/ James O. Kwon
                                                  Name:  James O. Kwon
                                                  Title: Chief Financial Officer