The blockchain gaming industry recently received a major boost with the announcement of a $100 million fund created by two Asian gaming studios, Wemade from South Korea and Singapore’s Whampoa Digital. This substantial investment demonstrates Wemade’s commitment to advancing blockchain gaming technology despite South Korea’s strict regulations banning certain types of blockchain games.
Since early 2021, the South Korean government has opposed blockchain-based games that promote financial speculation, like the play-to-earn NFT game Five Stars which was banned. However, Wemade has still managed to showcase blockchain games on its Wemix Play platform and host a gaming NFT marketplace. The company is also developing a dedicated blockchain gaming hub called the Wemix Play Center in Dubai to bring together developers, projects, and mentors receiving grants from the new $100 million fund.
By establishing this hub and fund, Wemade and Whampoa Digital aim to accelerate blockchain adoption in gaming, particularly in the growing Middle East market. Their leadership in combining gaming and blockchain technology marks an important milestone as these two dynamic industries continue to evolve. Even with regulatory hurdles, these companies are empowering the future of blockchain gaming and cementing Asia’s status as an innovator in this emerging space. Their commitment stands in stark contrast to the restrictions in South Korea, signaling a broader shift in mentality about the opportunities at the intersection of gaming and decentralized technologies.
