Did WeMade, the South Korean gaming giant, hit the jackpot with its blockchain investment?

Media reports claim that WeMade, a South Korean gaming company, is finally beginning to see dividends from its extensive blockchain gaming initiative.

Tim Alper Last updated: March 13, 2024 19:30 EDT | 2 min read

The South Korean gaming behemoth WeMade is hopeful that its massive blockchain gaming drive is finally starting to pay dividends, media reports claimed on March 13.

Business Post claimed that the industry was “paying attention” to the firm amid the crypto bull market.

South Korean Gaming Firm’s Token Booming

WeMade began its ambitious crypto pivot back in 2018, first spinning off a dedicated blockchain gaming affiliate and then later reincorporating it.

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Its flagship project is arguably the WEMIX coin and platform. Despite a controversial domestic delisting decision in late 2022, WEMIX is now enjoying its day in the sun.

On March 13, the coin’s 24-hour trading volume hit the $17.8 million mark, with prices climbing across the wider crypto market.

Figure 1: Seven-day WEMIX prices. (Source: CoinGecko)

However, the token still has some way to go before it reaches its November 2021 all-time high of $24.71.

The media outlet remarked that WeMade has posted two consecutive years of losses on its blockchain operations.

However, the firm appears confident of turning the tide in 2024. After several lackluster blockchain gaming releases, the company seems to have scored a hit with its latest title, Night Crows.

Per Hanguk Kyungjae, Night Crows debuted “in over 170 countries” this week, “reaching 150,000 concurrent users within a day of launching.”

WeMade claimed that some 100,000 people had accessed the game “within an hour of its launch” and “reached a peak of 164,000 at around midnight.”

The firm’s MIR4 title, by contrast, “reached 120,000 concurrent users within a month of its launch in 2021.”

WeMade called the feat a “record-breaking achievement,” while the media outlet claimed industry figures think the firm may have reaped some $4.6 million in revenue from the release already.

The South Korean gaming firm also unveiled an interoperability platform named Unagi this month.

WeMade says the platform allows users to “move freely” between “major blockchain ecosystems,” providing a bridge between its own WEMIX 3.0 network and protocols like Ethereum, Klaytn, Avalanche, and Polygon.

Figure 2: Source: WEMIX/YouTube

The company has never disclosed the full amount of its investment in blockchain. But it has been posting losses since 2022 when Business Post claimed that “investment began in earnest.” The media outlet wrote:

“As deficits continued in 2023, there was pessimism about the WEMIX blockchain business, both inside and outside the company.”

WeMade posted losses of around $85.5 million in 2023. It also paid the cost of an unsuccessful legal struggle against the 2022 WEMIX delisting.

In January of this year, the company was handed a $41 million “crypto tax bill”, in a further financial blow.

But buoyant WEMIX prices and a positive reaction to Night Crows could point to a change in fortunes. CEO Jang Hyun-guk said in January of this year:

“WeMade’s blockchain business will attain its greatest success so far with the global launch of Night Crowa in 2024. [People] will be able to easily understand our future and vision.”

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What Other Blockchain Gaming Projects Are Gaining Traction?

With WeMade’s success in the blockchain gaming industry, readers might be interested in exploring other similar projects that are gaining traction. Here are some exciting blockchain gaming projects worth checking out:

• Axie Infinity: Known for its adorable digital pets called Axies, Axie Infinity is a blockchain-based game that allows players to breed, battle, and trade their Axies.

• The Sandbox: The Sandbox is a virtual world where players can create, own, and monetize their own game experiences. It offers a decentralized platform powered by blockchain technology.

• Gods Unchained: Gods Unchained is a digital trading card game where players can collect, trade, and battle with unique blockchain-based cards. It combines the excitement of traditional card games with the benefits of blockchain technology.

• Mythical Games: Mythical Games is a game studio that focuses on creating blockchain-powered games and experiences. They aim to empower players by allowing them to truly own and monetize their in-game assets.

These projects are just a glimpse of the growing blockchain gaming industry. As more players and developers recognize the potential of blockchain technology in gaming, we can expect to see even more innovative games and experiences in the future.

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The Future of Blockchain Gaming: Trends and Investment Opportunities

The success of WeMade’s blockchain gaming venture highlights the potential of this emerging industry. Here are some trends and investment opportunities to watch out for in the future:

1. NFT Integration

Non-fungible tokens (NFTs) have gained significant attention in recent years, and their integration into blockchain gaming is becoming increasingly common. NFTs allow players to own unique and scarce digital assets within games, providing new opportunities for in-game economies and asset trading.

2. Metaverse Development

The concept of the metaverse, a virtual shared space where users can interact with a computer-generated environment and other users, is gaining traction. Blockchain gaming projects are exploring the potential of creating interconnected metaverses, offering immersive and social gaming experiences.

3. Play-to-Earn Models

Play-to-earn models, where players can earn real-world value by participating in blockchain games, are on the rise. This can include earning cryptocurrencies or in-game assets that can be traded or sold for real money. This trend empowers players and blurs the line between gaming and traditional work.

4. Interoperability

Interoperability between different blockchain networks and gaming platforms is crucial for creating seamless experiences for players. Projects like WeMade’s Unagi platform bridge the gap between different ecosystems, allowing users to freely move assets and characters between games.

5. Investment Opportunities

As the blockchain gaming industry continues to grow, there are opportunities for investors to get involved. Investing in promising blockchain gaming projects or related infrastructure, such as NFT marketplaces or blockchain gaming platforms, could yield significant returns in the long term.

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References:

• Dungeons, Bitcoin and Billions: Navigating the Ethical Labyrinth – Tim Draper & Ross Ulbricht
• Clearpool Introduces Credit Vaults to Provide Blockchain Loan Efficiency, Lenders Empower Borrowers
• PancakeSwap Plans Affiliate Model Expansion to Benefit Cake Holders
• Hanguk Kyungjae
• South Korean Tax Body Seized Crypto Worth $284m from Tax Dodgers in 2023

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