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This year can be a major turnaround for the South Korean Gaming Company WeMade after the successful launch of the “Night Crows” game.
The bull market is at its peak, and investors are showing immense interest in top cryptocurrencies like Bitcoin and Ethereum. While enjoying profits, they also seek tokens and companies from the blockchain gaming industry. One such gaming company is WeMade from South Korea.
The Start and Rise of WeMade
WeMade, a South Korean gaming giant, is optimistic that its blockchain gaming initiative is beginning to pay off, according to media reports on March 13th. In addition, one of the media outlets stated that the industry is taking notice of the company during the crypto bull market.
WeMade started its ambitious crypto transition in 2018. It first created a dedicated blockchain gaming subsidiary and later reintegrated it. The company’s main project is the WEMIX coin and platform. Despite a controversial domestic delisting decision in late 2022, WEMIX is presently experiencing a surge in popularity all around the globe.
On March 14th, the coin’s 24-hour trading volume is $8 million. It is currently down 38%, with prices rising throughout the broader crypto market. Some media outlets observed that WeMade has experienced two consecutive years of losses in its blockchain operations. It could have caused a major price crash, but the firm backed it up.
WeMade and the Game Launch
WeMade appears to be confident that it can turn the tide in 2024. After several mediocre blockchain gaming releases, the company has struck gold with its latest title, Night Crows. According to Hanguk Kyungjae, Night Crows reached 150,000 concurrent users within a day of launching.
The company has achieved a record-breaking success with the release of its game. Industry insiders speculate that the company has already earned around $4.6 million in revenue. WeMade also unveiled an interoperability platform called Unagi, which allows users to move freely between major blockchain ecosystems.
How Much Does Wemade Hold in Blockchain Investment?
The company has never disclosed the total amount of its blockchain investment, but it has been losing money since 2022. However, the Business Post suggests that “investment began in earnest.” The media outlet stated: “As deficits continued in 2023, there was pessimism about the WEMIX blockchain business, both inside and outside the company.” In 2023, WeMade posted losses of approximately $85.5 million. It also paid the cost of an unsuccessful legal battle against the 2022 WEMIX delisting.
What is the Future of Blockchain Gaming?
Blockchain gaming allows gamers to own in-game assets as NFTs, making them unique and verifiable. This ownership provides gamers with more control over their gaming experiences and allows them to monetize their assets. The decentralized blockchain network offers a secure environment for game developers and entrepreneurs, while interoperability allows players to use their public addresses for transactions across different blockchain platforms.
Summary
WeMade has experienced two consecutive years of losses in its blockchain operations. Yet, the firm seems confident it can turn the tide in 2024. Its latest title, Night Crows, has been a hit in the blockchain gaming world, where players can actually own in-game assets as NFTs, making them unique and verifiable.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
