Microsoft Backs Korean Blockchain Gaming Studio, Wemade, in $46 Million Investment

South Korean blockchain game studio, Wemade, attracts $46 million investment from tech giant Microsoft, and Korean investors.

Microsoft Backs Korean Blockchain Gaming Studio, Wemade, in $46 million investment.
  • Tech Giant Microsoft, alongside Shinhan Asset Management and Kiwoom Securities, has participated in the investment round of Wemade. 
  • Wemade attracted KRW 66 billion, approximately $46 million in the investment round. The South Korean blockchain game developer is best known for The Legend of MIR series, Rides of Icarus, and MIR4
  • Wemade recently launched its dedicated blockchain network, WEMIX 3.0, along with a collateralized stablecoin, WEMIX, and DeFi protocol, WeMix.Fi. 

Microsoft’s participation in Wemade’s investment is pivotal for the blockchain game developer and the Web 3.0 gaming industry as a whole. Institutional adoption could be a major driving force for the development of Web 3.0. It’s not clear how much of the $46 million investment can be attributed to Microsoft; however, the announcement still serves as progress.

WeMade’s Web 3.0 Ecosystem

Wemade is a South Korean game development company founded in 2000. MIR4 is their first blockchain game, based on their successful Legend of MIR series. 

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Wemade made its transition to Web 3.0 gaming in 2018 and is actively onboarding new games to its blockchain gaming ecosystem, WEMIX PLAY. The Korean game’s blockchain gaming ecosystem hosts upcoming Play to Earn (P2E) titles including Ocean Tales 2, Gold Club, and Abyssrium Gold

Recently, Wemade initiated phase one of its roadmap and successfully launched its dedicated blockchain network, WEMix 3.0, powered by reserved stablecoin, WEMIX. The blockchain gaming ecosystem plans to migrate from the Klayten mainnet to the WeMix 3.0 mainnet by November 15. 

Wemade is working with different exchanges to integrate its blockchain network. Currently, it has successfully completed the migration process for Bitget, Gate.io, and MEXC. After migration, players will be able to migrate their digital collectibles hosted on the previous chain to the new network.

Moreover, the blockchain game developer has also opened up a decentralized finance service called WEMIX.Fi. Wemade is committed to creating a Web 3.0 ecosystem complete with a native blockchain, DeFi services, games, and more. 

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Microsoft’s investment could bear many fruits for the studio.

“This is a meaningful investment by reputable financial and strategic investors with proven track records.”

Henry Chang, CEO of Wemade, said in a press release. He added,

“Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”

On the Flipside

  • Microsoft has not yet made a statement about its investment. It’s not clear what the company intends to achieve with Wemade, or how the platform fits into its strategy. 
  • Phil Spencer, CEO of Microsoft Gaming and Head of Xbox, has expressed concerns over Play to Earn (P2E) games. The Xboss exercised caution around the topic and added that the P2E ecosystem is creating a workforce out of players.

Why You Should Care

Institutional adoption through investments from tech giants and industry veterans is a major step forward for Web 3.0 as a whole. We can expect the space to gain mass adoption sooner than ever as more experienced companies pour their expertise, money, and strategy into the area.

 

Read about what experienced game studios think about Web 3.0:

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Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.