Legend of Mir Developer Plays For Success In Blockchain Gaming Market

Shane Kim, Wemade Tree’s CEO. Source: Wemade Tree

When it involves fast-growing companies, only a few can maintain a candle to the gaming trade.

Per knowledge compiled by Newzoo, there have been over 2.5 billion video players on the earth in 2016. Just what 4 years and the coronavirus pandemic have executed to those figures is anybody’s guess. But it could be protected to imagine that point and lockdown-driven boredom have pushed up the worth of this trade but additional.

Gaming’s epicenter was as soon as North America. But lately its heart of steadiness has moved to East Asia.

Newzoo knowledge additionally exhibits that the Asia Pacific area’s gaming market income in 2017 was a cool USD 51.2 billion – across the similar measurement because the sum of North America’s, Europe, the Middle East and Africa’s mixed whole.

The East Asian market is likely to be profitable, however it’s also one of the crucial aggressive industries on the planet.

In this dog-eat-dog world – filled with tight rules, bloodthirsty copyright legal professionals and the mangled corpses of firms who failed to maneuver with the instances – gaining a aggressive edge is every thing. It’s high-stakes 4-D chess. And if you’re not a number of steps forward of your opponent, your corporation empire might change into a pile of steaming rubble whereas your rivals sail off into the sundown.

That is why many firms on this ultra-competitive discipline have determined to wager large on blockchain know-how – hopeful that tokenized and/or decentralized gaming will assist them keep related whereas their foes follow soon-to-be-obsolete enterprise fashions.

South Korea’s Wemade, based in 2000, has determined to go after blockchain onerous. So a lot so, in truth, that it has shaped its personal blockchain subsidiary, Wemade Tree – and again it to the hilt.

Wemade constructed a lot of its fortune on the success of its Legends of Mir PC collection, a serious money-spinner throughout the continent. Per
present figures, Wemade’s market capitalization is round USD 500 million. A big wedge of that cash is now being plowed into blockchain-powered enterprise.

Shane Kim, Wemade Tree’s CEO, informed Cryptonews.com that his agency has the “utmost support” from Wemade headquarters.

“In the gaming industry, you need to be agile and fast-moving. Being too big can be a drawback. It makes sense to have a separate subsidiary devoted to blockchain gaming as it is such a fast-growing sector. The idea is to let Wemade Tree focus entirely on blockchain, and the other subsidiaries focus on their core businesses,” he mentioned.

Powerful companions

Although big-name recreation releases are all nonetheless within the pipelines, the enterprise neighborhood can odor one thing fairly main is cooking within the fledgling firm’s kitchen, revolving largely round its WEMIX blockchain platform.

Business companions embrace the likes of Samsung. Earlier this yr, Wemade Tree turned the primary gaming firm on earth to launch a blockchain-powered smartphone. Well, three smartphones, to be exact.

As previously reported, these are particular version custom-made variations of the Samsung Galaxy S20, S20+, and S20 Ultra that come pre-loaded with Wemade Tree’s WEMIX crypto pockets, in addition to an app that tracks transactions of WEMIX’s at present unlisted (and eponymous) token.

Kim mentioned of the partnership,

“This is probably the first-ever fully-fledged case of collaboration between the blockchain gaming industry and the smartphone sector.”

Samsung is just not the one headline-grabbing agency that has taken an lively curiosity in Wemade Tree’s large blockchain plans.

The firm has additionally shaped a enterprise alliance with chat app large Kakao (operator of the Klaytn blockchain platform), in addition to South Korea’s reply to Google, Naver. Chinese gaming heavyweight Longtu can be onboard.

In reality, Longtu’s involvement bought extra critical this yr when the Chinese agency snapped up 10% of Wemade Tree’s stock for round USD 3.Three million.

Kim said that the Longtu deal represents greater than only a money injection, including, that the transfer “means more to us in terms of partnership expansions.” He added that “many of Longtu’s IP games will come onboard with WEMIX.”

Legend of Mir’s reputation remains to be excessive in China. Kim famous that since China is the world’s largest recreation market and Wemade has the Legend of Mir IP – the most important and greatest IP available in the market – they’re at all times all for Chinese market traits.

It might come as no shock, then, to study {that a} blockchain-powered Legend of Mir title is on its manner.

Kim states,

“WEMIX’s second or third game will use the Legend of Mir IP. With its prior outstanding achievements in the Chinese market, we believe it can attract the attention of [Chinese] gamers.”

With all these backers and a money-minting collection of video games that get pleasure from sky-high reputation in one of many world’s largest economies, certainly it’s only a matter of “if you build it, people will come” for Wemade Tree? If solely life have been that easy.

Regulations, rules, rules

The gaming sector has received itself an unenviable popularity as being one of the crucial extremely policed of South Korea’s enterprise sectors (although it’s also one of the crucial profitable).

Regulations are additionally the secret within the crypto world. A partial crypto crackdown that banned preliminary coin choices (ICOs) and launched real-name banking rules for crypto alternate customers shook the nascent crypto and blockchain sectors to their very core again in early 2018.

And blockchain gaming? Well, issues bought off to a really inauspicious begin when the South Korean Game Rating and Administration Committee (GRAC) watchdog final yr refused to issue a rating to Infinity Star, a recreation developed by home agency NodeBrick.

The GRAC’s reasoning was that Infinity Star makes use of Ethereum ERC 721 Non Fungible Tokens (NFTs), which it said may very well be traded for money on the blockchain community.

In South Korea, no score means no distribution.

But Kim mentioned that he’s undaunted by the thought of getting to satisfy a number of compliance targets. And like most South Korean blockchain fanatics, he’s optimistic about large modifications on the horizon – significantly in a post-COVID-19 economic system the place Seoul might be seeking to open enterprise avenues, not shut them.

The Infinity Star case might have been a setback, however Kim hinted that it’s not prone to derail the sector’s progress.

He said,

“Regulations will change in parallel with industry development and it will move in a direction that will prove to be comparatively moderate.”

Despite the constructive discuss, it seems that Wemade Tree is just not ready to take any probabilities – with an overseas-based subsidiary already in place. Kim insisted that WEMIX’s goal clients are international, reasonably than home.

“South Korean regulation isn’t a great obstacle for us. That’s why we set up a subsidiary in Singapore, and we will target the global market,” he mentioned.

Legend of Mir Developer Plays For Success In Blockchain Gaming Market 102
A screenshot from the primary Wemade Tree WEMIX launch, BirdTornado, that’s slated for launch “at the end of this month.” Source Wemade Tree.

And though Kim claimed that WEMIX and its pockets will “not need to register as a Virtual Asset Service Provider (VASP)” below new South Korean legal amendments that will come into force next year, as a result of the platform “is not related to fiat,” it seems his firm is taking no probabilities.

The firm is establishing inner management and safety techniques that may use comparable requirements to these utilized by monetary establishments.

But once more, gaming firms know they must be prepared for something. Kim mentioned that his agency is making ready to implement VASP-compliant Know-Your-Customer and Anti-Money Laundering (KYC and AML) insurance policies anyway, simply “in case it becomes necessary.”

And as for gaming rules? Kim is an optimist right here, too.

He mentioned,

“Regulation of the gaming sector has been strengthened in recent years. But most recently, the government is actually relaxing its stance.”

He added that the federal government is actively “deregulating” the gaming trade and is eradicating obstacles “one by one.”

“The gaming industry is important in South Korea, accounting for 67% of the country’s media exports and 8.8% of the national trade surplus. As the government plans to focus on fostering digital-based contact-free industries in the future, we expect the gaming industry to benefit from this, too. Cryptocurrency and blockchain regulations will also be eased in the long term,” he mentioned.

And what of the longer term? Blockchain video games are nonetheless to carve out a distinct segment for themselves, in South Korea and elsewhere, regardless of years of hype.

Regulation is only one a part of the equation: Demand additionally must develop within the gaming neighborhood.

This too will comply with, mentioned Kim. He famous,

“Incentive-based play patterns, asset trading and inflation are mechanisms that exist in existing games. So gamers are ready to embrace blockchain games. And that will lead to a rise in demand.”

Fantastic future?

What do the following few years have in retailer for blockchain gaming?

Having labored for a few of South Korea’s largest IT firms for the previous twenty years, Kim mentioned it’s “impossible to predict the future.”

But no matter tomorrow appears to be like like, he opined, blockchain will play a vital function.

He concluded,

“What we can say is that blockchain technology will still be in use in 10 years. And there will be an industry built around it. It is uncertain to predict the size of that industry. But since blockchain is a valuable form of technology, it will certainly have found usage scenarios in multiple sectors. By then, the technology – as well as the industry – will have entered maturity.”

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