South Korean Game Publisher Wemade Launches $100 Million Web3 Fund for Blockchain Gaming Projects

25 December 2023

Wemade partners with Whampoa Digital to accelerate blockchain adoption in the Middle East

South Korean game publisher Wemade has joined forces with Singapore-based investment firm Whampoa Digital to establish a $100 million Web3 fund. The Wemade Web3 Fund aims to invest in blockchain gaming projects, primarily in the Middle East region. This strategic partnership seeks to foster innovation and accelerate blockchain adoption in one of the world’s fastest-growing regions in the Web3 space. Additionally, Wemade is building the Wemix Play Center, a blockchain gaming-focused commercial space in Dubai’s DIFC Innovation Hub, where grant recipients from the fund are expected to set up office spaces for cross-collaboration and mentorship.

Empowering Blockchain Gaming in the Middle East

The Wemade Web3 Fund:

The Wemade Web3 Fund, established by South Korean game publisher Wemade and Singapore-based investment firm Whampoa Digital, aims to invest $100 million in blockchain gaming projects, with a primary focus on the Middle East region. The fund’s goal is to accelerate the adoption of blockchain technology in the gaming industry. By providing financial support and resources, the fund aims to empower blockchain gaming companies and projects and drive innovation in the Middle East.

Wemix Play Center:

As part of its commitment to blockchain gaming, Wemade is building the Wemix Play Center in Dubai’s DIFC Innovation Hub. This commercial space will serve as a hub for blockchain gaming companies and projects, offering office spaces for grant recipients from the Wemade Web3 Fund. The Wemix Play Center aims to facilitate cross-collaboration and mentorship among blockchain gaming innovators, fostering a vibrant ecosystem for the industry in the Middle East.

Overcoming Regulatory Challenges in South Korea

Blockchain Gaming Ban in South Korea:

Despite South Korea’s ban on blockchain gaming, many studios in the country continue to develop blockchain games for export. Wemade, for instance, has been actively working on blockchain-powered adaptations of its existing games. However, due to the regulatory environment, these games will not be released in Korea. South Korea’s government has been opposing blockchain gaming since early 2021, with a court ruling against the release of a play-to-earn game, Five Stars, due to its NFTs promoting financial speculation.

Wemade’s Role in Blockchain Gaming

Wemix Play Platform:

Wemade operates the Wemix Play platform, which showcases a curated selection of blockchain games and hosts its own gaming NFT marketplace. The platform serves as a gateway for gamers to discover and engage with innovative blockchain gaming experiences. Wemade, known for its popular free-to-play MMORPG PC game Legend of Mir and its sequels, is expanding its presence in the blockchain gaming space to leverage the potential of Web3 technology.

Conclusion:

The partnership between Wemade and Whampoa Digital marks a significant step towards advancing blockchain gaming in the Middle East. The establishment of the Wemade Web3 Fund and the development of the Wemix Play Center demonstrate a commitment to fostering innovation and collaboration within the blockchain gaming industry. Despite regulatory challenges in South Korea, Wemade continues to explore the possibilities of blockchain gaming and aims to contribute valuable insights to the wider blockchain technology landscape. As the Web3 space continues to evolve, initiatives like these will play a crucial role in shaping the future of gaming and digital assets.

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