South Korean game publisher Wemade, in partnership with Singapore-based investment firm Whampoa Digital, has announced the launch of a $100 million Web3 fund. The initiative marks a significant step for Wemade, a company adapting to the restrictive anti-blockchain gaming regulations in its home country by targeting international markets.
The newly established Wemade Web3 Fund is primarily aimed at investing in blockchain gaming projects, with a particular focus on the Middle East region. The strategic decision aligns with the company’s goal of accelerating the adoption of blockchain technology in gaming. The fund is expected to play a crucial role in nurturing innovative projects within the emerging sector.
Dubai’s Wemix play center: A hub for Blockchain Gaming
In addition to the investment fund, the company is developing the Wemix Play Center, a commercial space dedicated to blockchain gaming, located in Dubai’s DIFC Innovation Hub. The center is envisioned as a collaborative space where blockchain gaming companies and projects supported by the fund can establish offices, engage in cross-collaboration, and receive mentorship. The initiative underscores the company’s commitment to fostering a community and an ecosystem around blockchain gaming.
Aureole Foong, Senior Partner at Whampoa Group, expressed enthusiasm about the partnership, highlighting its potential to pioneer new horizons in the digital asset industry and foster innovation in the Middle East. Wemade CEO Henry Chang echoed these sentiments, emphasizing the shared expertise in blockchain technology that both parties bring to the table.
Despite South Korea’s stringent stance against blockchain gaming, which includes a ban on play-to-earn games due to concerns over financial speculation, companies like Wemade are actively developing blockchain games for international markets. The approach allows them to circumvent domestic restrictions while capitalizing on the growing global interest in blockchain-powered gaming.
Wemade’s gaming portfolio and Wemix play platform
Wemade boasts a varied collection of games, catering to both PC and mobile gaming enthusiasts. The company has gained significant acclaim for its free-to-play MMORPG PC game “Legend of Mir” along with its popular sequels. It has established Wemade as a notable name in the gaming world, especially among fans of massively multiplayer online role-playing games.
The company has expanded beyond its traditional gaming offerings, stepping into the innovative world of blockchain technology with its Wemix Play platform. This platform is specifically designed to highlight a carefully selected array of blockchain-based games. It also includes a gaming NFT marketplace, showcasing Wemade’s commitment to integrating modern technology trends into its business model.
This strategic move into blockchain gaming serves to diversify the company’s already impressive portfolio. More importantly, it reinforces the company’s position in the blockchain gaming industry, which is known for its rapid growth and evolution. Wemade’s foray into this new domain signals its adaptability and foresight in the ever-changing landscape of digital gaming.
Conclusion
Wemade’s launch of the $100 million blockchain investment fund, in collaboration with Whampoa Digital, represents a strategic pivot towards international markets and a commitment to advancing blockchain technology in gaming. The move not only positions Wemade as a key player in the global blockchain gaming landscape but also reflects the broader trend of gaming companies exploring the potential of blockchain and Web3 technologies.
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