Recently, the biggest spotlight in the Korean game industry has been Wemade's blockchain game platform, "WEMIX", a pioneer of a business model called P2E (Play to Earn).
P2E means that gamers reward them with crypto-currency in return for playing certain games, and as WeMade's "WEMIX" has gained worldwide attention, many Korean game companies are competitively joining the P2E business.
In the meantime, the Korean game industry as well as the block chain industry has been controversial because "WEMIX", a key currency and a very important role in the WEMIX ecosystem, has been unable to trade on four major crypto-currency exchanges in Korea since the 8th of this month.
This is the same as the four exchanges delisting "WEMIX" when compared to the stock market. For two weeks, WeMade actively called for a controversy over transparency in distributing information, the reason for the delisting of "WEMIX". Despite coming up with various complementary measures to restore reliability in relation to future "WEMIX" transactions, it failed to change the results.
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| ▲Jang Hyun-kook, CEO of WeMade / Courtesy of WeMade |
Korean game companies were shocked by the decision to delist "WEMIX". They have focused on discovering new business models as existing profit models gradually reveal their limitations, and the impact is bound to be greater because they have increased investment in the P2E business because they believe "WEMIX" is an effective alternative.
WeMade's huge blockchain-based global game platform, "WEMIX", has been the main focus of many Korean game companies for the past year or so. Therefore, these companies were concerned that the delisting of "WEMIX" could cause serious cracks in the WEMIX EcoSystem.
However, WeMade and the WEMIX team do not seem to be very disturbed by this situation. Rather, they are moving to focus all their capabilities on further reinforcing the WEMIX ecosystem.
Like the Korean proverb, "the ground hardens after rain", WeMade and the WEMIX team are showing their willingness to use the situation as an opportunity for blessing in disguise by further expanding the ecosystem of "WEMIX" under very unfavorable conditions.
First of all, WeMade decided to buy back and incinerate "WEMIX" in circulation to raise the value of "WEMIX", considering that the market price of "WEMIX" has fallen significantly since Korea's decision to delist the four major exchanges.
The WEMIX Foundation recently released a plan to buy $10 million worth of "WEMIX" on the exchange for 90 days until March 8 next year and then incinerate it. This is very welcome news for WEMIX holders.
An official from the WEMIX team said: "the token economy that "WEMIX" aims for is a 'shrinking economy (deflation)', in which the issuance of "WEMIX" decreases over time. At the heart of it is "WEMIX", a key asset. We'll run faster to make up for the lost time of "WEMIX" which has been paused".
WeMade has also begun listing the world's leading crypto-currency exchanges such as Binance and Coinbase. Although "WEMIX" has been delisted from major exchanges in Korea, it aims to further strengthen the virtuous cycle structure of the WEMIX ecosystem through the listing of larger and more famous global exchanges.
"WEMIX" is already listed and traded on more than 10 overseas exchanges, but listing on the world's top exchanges such as Binance and Coinbase has a different meaning.
In addition, given that more than 90% of WEMIX transactions have been made in Korean exchanges, the listing of these famous exchanges can be a key point where the WEMIX ecosystem expands significantly in the global market.
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| ▲Title image of "Mir-M Global" under global testing / Courtesy of WeMade |
In order for the WEMIX ecosystem to grow stably, WeMAde believes that it is very important to give solid trust to existing coin holders as well as potential investors, and decided to entrust the distribution information and management of "WEMIX" to external specialized institutions in the future.
WeMade has also decided to make every effort to expand its strategy to ultimately complete a highly stable WEMIX ecosystem. Above all, it plans to continue to increase the number of alliance games by further increasing partnerships with game companies around the world, and to speed up the development of games linked to the WEMIX ecosystem such as "MIR-M Global".
The current situation is a time of crisis for WeMade and the WEMIX team. However, on the other hand, the current ordeal must give a good opportunity to eliminate the anxiety of the WEMIX ecosystem and develop the ecosystem more stably.
Sayart.net
Jack Lee wangjb77@gmail.com
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