South Korean Game Publisher Wemade Launches $100M Web3 Fund
South Korean game publisher Wemade has partnered with Singapore-based investment firm Whampoa Digital to launch a $100 million Web3 fund. The purpose of the fund, called the Wemade Web3 Fund, is to invest in blockchain gaming projects, primarily in the Middle East region. The goal is to accelerate blockchain adoption in the gaming industry.
Wemix Play Center: A Blockchain Gaming-Focused Commercial Space
Wemade is also developing the Wemix Play Center, a commercial space located in Dubai’s DIFC Innovation Hub that focuses on blockchain gaming. The center aims to facilitate cross-collaboration and mentorship among blockchain gaming companies and projects that receive grants from the fund. These companies are expected to set up office spaces in the Wemix Play Center.
Partnership with Whampoa Digital
Whampoa Group Senior Partner Aureole Foong stated that this partnership will allow them to explore new opportunities in the digital asset industry and foster innovation in the Middle East, which is rapidly growing in the Web3 space. Wemade CEO Henry Chang emphasized that the collaboration with Whampoa Digital will bring valuable insights related to blockchain technology.
The Ban on Blockchain Gaming in South Korea
Despite South Korea’s ban on blockchain gaming, many studios in the country are actively developing blockchain games for export. Wemade previously revealed its plans to create blockchain-powered adaptations of its existing games but would not release them domestically.
The Battle Against Blockchain Gaming in South Korea
South Korea’s government has been opposing blockchain gaming since early 2021. In January 2023, a court ruled against releasing a play-to-earn game called Five Stars in the country due to its NFTs promoting financial speculation.
Wemade’s Wemix Play Platform
Wemade’s Wemix Play platform showcases a selection of token-forward blockchain games and features its own gaming NFT marketplace. Wemade is known for its free-to-play MMORPG PC game Legend of Mir and its sequels.
Hot Take: Wemade and Whampoa Digital Join Forces to Boost Blockchain Gaming in the Middle East
South Korean game publisher Wemade has partnered with Singapore-based investment firm Whampoa Digital to establish a $100 million Web3 fund. The fund aims to accelerate the adoption of blockchain technology in the gaming industry, particularly in the Middle East region. Additionally, Wemade is building the Wemix Play Center, a commercial space in Dubai dedicated to blockchain gaming. This partnership allows both companies to bring their unique expertise to foster innovation and explore new horizons in the digital asset industry. Despite South Korea’s ban on blockchain gaming, local studios are actively developing games for international markets. The collaboration between Wemade and Whampoa Digital signifies their commitment to pushing the boundaries of blockchain gaming and expanding its presence in the Middle East.
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