Microsoft backs Korean Blockchain Gaming Studio, Wemade, with $46 million investment from DailyCoin

• Tech giant Microsoft (NASDAQ: ), along with Shinhan Asset Management and Kiwoom Securities, have participated in Wemade’s investment round.
• Wemade attracted KRW 66 billion, roughly $46 million, in the investment round. The South Korean blockchain game developer is best known for The legend of MIR series, Rides by Icarusand MIR4.
• Wemade recently launched its dedicated blockchain network, WEMIX 3.0, along with a secured stablecoin, WEMIX, and DeFi protocol, WeMix.Fi.

Microsoft’s participation in Wemade’s investment is central to the blockchain game developer and the Web 3.0 gaming industry as a whole. Institutional use can be an important driving force for the development of Web 3.0. It is not clear how much of the $46 million investment is attributable to Microsoft; however, the announcement still functions as progress.

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#Wemade attracts #investment from Shinhan-Kiwoom-Microsoft- Strategic investment of USD 46 million- #Shinhan Asset Management, #Kiwoom Securities and #Microsoft Corporation have participated in this round #WEMIX #Blockchain #P2Ehttps://t.co/7i9VpttQvc

— WEMIX (@WemixNetwork) November 2, 2022

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 The legend of MIR series.

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

Recently, Wemade started 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 15th.

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

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

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

“This is a meaningful investment by recognized financial and strategic investors with proven results.” Henry Chang, CEO of Wemade, said in a press release. He added,

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

On the other side

• Microsoft has yet to make a statement about its investments. It is not clear what the company intends to achieve with Wemade, or how the platform fits into the strategy.
• Phil Spencer, CEO of Microsoft Gaming and head of Xbox, has expressed concern over Play to Earn (P2E) games. Xboss cautioned on the subject, adding that the P2E ecosystem creates a workforce of gamers.

Why you should care

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

Read about what experienced game studios think about Web 3.0:

Crypto Gaming Field Intensifies GTA and Sims Creators Go Blockchain, But Xbox Boss Remains Skeptical

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