Microsoft Backs Blockchain-Focused Gaming Company WeMade – European Gaming Industry News
Over the past few years, Microsoft has ventured out and invested in new technology sectors, such as investing in Space and Time, a decentralized data warehouse. Microsoft’s investments in areas such as Web3 are a sign of the times, as many major technology companies have adopted the idea since 2021. Web3 is an idea that uses cryptocurrencies and blockchain technology to provide internet users with data security, privacy and scalability.
Microsoft’s latest venture
Most recently, we’ve seen Microsoft back WeMade, a South Korean video game developer that has made several aggressive bets on blockchain technology over the years. WeMade is best known for creating the Legend of Mir series, which has attracted more than 120 million users in Asia. The company’s games, such as Legend of Mir 2, generate over $20 million per month in China alone, highlighting the dominant presence WeMade has in the Asian gaming market. WeMade is also a progressive video game company that has been exploring different ways to incorporate blockchain into its games.
WeMade’s Work In Blockchain
The company’s goal is to use blockchain technology to transform everyday gaming and to have its stablecoin used as one of the main currencies in the blockchain gaming market. Recognizing the private company’s potential, Microsoft is investing $14.8 million in the company through convertible bonds, according to regulatory filings. Shinhan Asset Management and Kiwoom Securities also backed the blockchain gaming-focused company, with Shinhan investing $21.2 million and Kiwoom investing $10.5 million. These three investments are just the beginning of WeMade’s plans to build its global blockchain gaming ecosystem.
WeMade is at the forefront of blockchain gaming, which is why the company receives significant support from some of the most respected companies in the gaming sector. Blockchain already has a significant presence in the gambling industry and brings with it many advantages. Casinos that embrace blockchain allow individuals to play games exclusively using crypto by supporting the most popular digital currencies available. This means that players do not have to wait long to receive payouts or register to play games such as blackjack and slots in the crypto gaming space. These are the defining characteristics of the best online crypto casino. The growing presence of blockchain in games and online gambling makes one wonder if it will find its way into sports betting.
There are also blockchain-based games that allow players to have real ownership of in-game assets, such as CryptoKitties, a platform developed by Canadian studio Dapper Labs in Vancouver, British Columbia. In 2018, CryptoKitties received the endorsement of Steph Curry after partnering with the Golden State Warriors star to release the first ever celebrity-branded CryptoKitty. Each CryptoKitty represented Curry’s interests and skills, such as his passion for cooking.
Where else do we see the idea of Web3?
Microsoft may be investing in blockchain and Web3, but the tech company isn’t the only one. While some critics have raised concerns about Web3’s decentralization, and Jack Dorsey and Elon Musk have both said the idea is just a marketing gimmick, companies like Nike are still moving into this space.
During the week of November 14, 2022, Nike announced that they are launching a Web3-enabled platform called ‘.Swoosh’. The platform will allow people to collect and trade digital items such as virtual sneakers and the Nike .Swoosh platform is expected to launch in January 2023. It is intended to encourage customers to become co-creators in royalties for digital products. The platform’s digital collectibles can be used in Web3 games such as t-shirts and sneakers, and the company also stated that users will be able to unlock real-world benefits through Web3 technology, including conversations with professional athletes.
Microsoft has been investing in new industries for years, and WeMade has made a global name for itself in blockchain gaming at the same time. It’s not a surprise that the two companies have finally come together, with Microsoft investing a significant amount of capital into the South Korean video game company. The future is blockchain gaming, and Microsoft will be glad the company got its foot in the door early.