South Korean Gaming Company’s Blockchain Venture Sees Success
The South Korean gaming company, WeMade, is optimistic that its ambitious blockchain gaming initiative is finally yielding positive results. According to media reports on March 13, the industry is taking notice of the firm amidst the crypto bull market.
WEMIX Coin and Platform Gain Momentum
WeMade embarked on its crypto pivot in 2018 by creating a dedicated blockchain gaming affiliate. The company’s flagship project is the WEMIX coin and platform. Despite facing controversy with a domestic delisting decision in late 2022, WEMIX is currently experiencing significant growth.
On March 13, the coin’s 24-hour trading volume reached $17.8 million, with prices rising across the broader crypto market. However, the token still has some way to go before reaching its all-time high of $24.71 in November 2021.
WeMade’s Recent Success with Night Crows
WeMade has reported losses in its blockchain operations for two consecutive years. However, the company believes it can turn things around in 2024. After several underwhelming blockchain gaming releases, WeMade seems to have struck gold with its latest title, Night Crows.
Night Crows debuted in over 170 countries and attracted 150,000 concurrent users within a day of launching. Within an hour of its release, the game was accessed by 100,000 people and reached a peak of 164,000 users at midnight. In comparison, WeMade’s previous title MIR4 reached 120,000 concurrent users within a month of its launch in 2021.
The success of Night Crows is considered a record-breaking achievement for WeMade. Industry insiders estimate that the game has already generated approximately $4.6 million in revenue.
Introducing the Unagi Interoperability Platform
WeMade also recently unveiled an interoperability platform called Unagi. This platform allows users to freely move between major blockchain ecosystems, acting as a bridge between WeMade’s own WEMIX 3.0 network and other protocols such as Ethereum, Klaytn, Avalanche, and Polygon.
WeMade’s Blockchain Endeavors and Financial Challenges
WeMade has not disclosed the full extent of its blockchain investment. However, the company has been facing losses since 2022 when it significantly increased its investment in blockchain. In 2023, WeMade reported losses of approximately $85.5 million and also incurred expenses from an unsuccessful legal battle regarding the delisting of WEMIX.
In January of this year, WeMade received a $41 million crypto tax bill, further adding to its financial burdens. Despite these challenges, the positive response to Night Crows and the rising value of WEMIX suggest that WeMade’s fortunes may be changing.
CEO Jang Hyun-guk expressed confidence in WeMade’s blockchain business and predicted that Night Crows’ global launch in 2024 would be the company’s greatest success yet.
Hot Take: WeMade’s Blockchain Gaming Strategy Pays Off
The South Korean gaming giant WeMade is finally reaping the rewards of its bold foray into blockchain gaming. With its flagship project, the WEMIX coin and platform gaining momentum and the successful launch of Night Crows, WeMade is positioned for success in the crypto market.
The introduction of the Unagi interoperability platform further enhances WeMade’s presence in the blockchain ecosystem by facilitating seamless movement between different protocols.
Although WeMade faced financial challenges and losses in its blockchain operations, the positive response to Night Crows and the rising value of WEMIX indicate a turning point for the company.
With a strong vision for the future and a successful gaming title under its belt, WeMade is poised for growth and success in the blockchain gaming industry.
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