On Friday, the leading game developer in South Korea, Wemade, teamed up with Whampoa Digital to launch a $100 million Web3 fund. In the December 22 report, the two companies stated that the newly launched Web3 Fund will focus on the development of blockchain-oriented games.
The report stated that with the collaboration with Whampoa, the Wemade team anticipates expanding its market presence in the Middle East. Lately, the crypto and fintech companies have been flocking to the Middle East to tap the endless opportunities in the region.
Wemade Seeks to Bring Blockchain Technologies to Gaming Sector
The rise of the crypto-savvy population in the Arab countries inspires the Wemade to expand its footprint in the region. According to the announcement, the two companies plan to leverage their vast expertise to push for the mainstream adoption of blockchain technology.
The collaboration with Whampoa coincides with Wemade’s latest development to be part of the Dubai DIFC Innovation Hub. Earlier, the gaming studio revealed plans to launch Wemix Play Center to boost blockchain game experiences.
According to the announcement, the Wemix Play Center is a unique platform that allows players to select various blockchain games. The team behind the Wemix Play platform is working on developing the Wemade nonfungible token (NFT) marketplace.
The report stated that beneficiaries of the Web3 Fund will receive grants and funds to support the development of blockchain games.
Also, the companies that will receive the expected funding will be allowed to establish offices at the Wemix Play Center. The primary objective of launching the Web3 Fund is to connect gaming companies at their early growth stage with mentors.
Benefits of Wemade Web3 Fund
Beyond this, the Wemade team established cross-collaboration with fast-paced gaming companies. An announcement conveyed by Aureole Foong, the senior partner at Whampoa Group, revealed that the collaboration with Wemade will allow the two companies to explore new opportunities in the digital sector.
Foong anticipates the two companies will drive innovation to the Middle East region. In his address, the executive recognized that the Middle East region is ranked among the crypto-friendly regions with the highest adoption of Web3.
In response to Foong’s remarks, the chief executive of Wemade, Henry Chang, acknowledges that the partnership with Whampoa Digital will support knowledge sharing in blockchain-related matters.
The CEO believes the partnership will support the Wemade team in acquiring new skill sets and experiences. The executive noted that with the ever-evolving nature of the crypto sector, the Wemade team was working on developing PC and mobile games to gain a considerable market share.
Rise of Blockchain Games in South Korea
After intensive efforts to match the Wemade products to the market demands, its free-to-play MMORPG game gained global recognition among the leading multiplayer games.
In an earlier report, the Wemade team stated that with the integration of emerging technologies into the games, the gaming companies in South Korea are facing fierce competition.
The Wemade team confirmed that its top rival, NHN, has migrated to the Sui blockchain network to develop digital board games. Besides the expected upgrades on NHN, other game developers in South Korea have focused on developing blockchain games.
A statement from a Wemade spokesperson confirmed that the game studio was developing additional blockchain games that would be launched outside of Korea.
