South Korean Game Publisher, Wemade, Unveils $100M Blockchain Investment Fund

South Korea’s firm anti-blockchain gaming regulations have resulted in game studios such as Wemade developing for overseas markets. An announcement on Friday revealed that Wemade, a South Korean game publisher, has unveiled a $100M Web3 fund with Whampoa Digital, a Singapore-founded investment company.

Under the partnership agreement the two firms have created the Wemade Web3 Fund that will focus on development of  blockchain gaming projects and support startup in the Middle East.

Wemade Launches $100M Blockchain Investment Fund

The fund’s creation sought to aid in accelerating the adoption of blockchain. Further, Meade is developing the Wemix Play Center, a commercial center located in the DIFC Innovation Hub.

The announcement revealed that Blockchain gaming projects and firms that get funding from the fund should create office spaces in the Wemade’s Wemix Play Center.

In a statement, Aureole Foong, Whampoa Group Senior Partner, said the partnership will aid in pioneering new horizons in the digital asset sector past the already developed sectors.

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Additionally, the collaboration will aid in fostering innovation in the Middle East, one of the globe’s rapidly expanding regions in the Web3 space.

In spite of a blockchain gaming ban by South Korea, several studios in the nation are creating blockchain games for export overseas.

Web3 Adoption Increases in South Korea

A Wemade spokesperson earlier revealed to a media outlet at the 2023 Game Developers Conference that its studio was making several blockchain-enhanced adaptations of its current games. However, they would not be unveiled in Korea.

Since at least 2021, the government of South Korea has been combating blockchain gaming in the nation. In January this year, a court said that Five Stars, a play-to-earn game, could not be unveiled since its nonfungible tokens (NFTs) evoked financial speculation.

Wemade’s Wemix Play platform refers to a site demonstrating token-forward blockchain games selection and hosting its gaming nonfungible tokens marketplace. Currently, Wemade develops mobile and PC games but is mainly famous for the Legend of Mir, its free-to-pay MMORPG PC game, and its two sequels.

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