Fostering web3 adoption
South Korean video game developer Wemade Co. has partnered with Singapore-based investment firm Whampoa Digital to launch a $100 million web3 fund. The Wemade Web3 Fund will focus on investing in blockchain gaming projects, particularly in the Middle East region, with the goal of accelerating the adoption of blockchain technology.
As part of this initiative, Wemade is building the Wemix Play Center, a commercial space dedicated to blockchain gaming, in Dubai’s DIFC Innovation Hub. Companies receiving grants from the fund are expected to establish offices within the play center to encourage collaboration and mentorship among supported entities.
Wemade and web3
In a separate development, Wemade took legal action against four major South Korean cryptocurrency exchanges – Upbit, Bithumb, Coinone, and Korbit – after its WEMIX cryptocurrency was delisted. The company argued that the exchanges’ decisions were vague and caused damage to investors. However, the Seoul Central District Court dismissed the injunction, allowing the delisting to proceed.
Earlier this year, the South Korean government banned the domestic distribution of blockchain-based play-to-earn (P2E) games, including non-fungible token (NFT) games, due to concerns over speculation and gambling. This ban has had a significant impact on the gaming industry in South Korea, with P2E game makers releasing their games abroad while hoping for a lift on the local ban.
Hot Take: Future of Blockchain Gaming in South Korea
The partnership between Wemade Co. and Whampoa Digital signifies a major step towards fostering web3 adoption in the Middle East region. By investing $100 million in blockchain gaming projects and establishing the Wemix Play Center in Dubai’s innovation hub, the companies aim to accelerate the adoption of blockchain technology in the gaming industry. However, Wemade’s legal dispute with South Korean cryptocurrency exchanges and the ban on blockchain-based play-to-earn games in the country highlight the challenges faced by the industry. Despite these setbacks, there is optimism for the future, with expectations that South Korea will eventually lift the ban on P2E games and embrace blockchain-based gaming innovations.
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