Gamers Say It’s Time to Buidl

Table of Contents

• Riding the First GameFi Wave
• Defying the Bearish Market
• Leading Blockchain-based Game
• Starting at the Top

GameFi, a combination of the words Game and DeFi, is an all-encompassing term. Blockchain-based video games reward users for accomplishing in-game tasks, enable them to profit from buying and selling in-game assets, and use many other methods to enhance and encourage gameplay.  

Today, GameFi remains one of the hottest topics in the digital era, most especially among crypto enthusiasts. On top of this, the traditional gaming market is slowly incorporating blockchain technology that even conventional games such as chess and solitaire have received a 21st-century makeover.  

Riding the First GameFi Wave

With GameFi taking the world by storm, it has undeniably become a massive gaming trend –  revolutionizing the multi-billion dollar gaming industry. However, looking at the infancy stage of GameFi, it was a tad far from what’s happening in the present.  

During the early stages of GameFi which was born as a crypto-related concept, the financial aspect of blockchain-based games was given the most importance. Indeed, most platforms were mainly tokenomics-focused, a concept known as Play-to-Earn (P2E). Creating games from the position of financial engineering as opposed to from a game developer’s perspective led to higher barrier to entry and to games that lost their primary entertainment value and felt more like manual labor.  

However not all blockchain game developers made that initial mistake. Wemade utilized its long-standing experience as a South Korean game developer of over 20 years to develop blockchain games that best merge the fun and in-game economic aspects.  

As a leading blockchain game developer, the South Korean game company has been developing games that provide an immersive experience to its players, from interactive gameplay to great stories and cutting-edge graphics.  

Defying the Bearish Market

Aside from making waves in the space, the gaming sector is displaying resilience under the harsh bear season. With around 173 million gaming-related transactions, the blockchain gaming industry has subtly weathered the storm better than other niches of the market.  

How so?

When it comes to traditional gaming, developers have the power to change or remove items as they see fit. On the other hand, in blockchain gaming, in-game assets (with real-world monetary value) that players have earned or bought cannot be taken away or removed by anyone else – even if the development company decides to remove certain features or completely shut down the game.  

Therefore, blockchain and NFT gaming offer a range of new opportunities that traditional gaming does not. Concepts such as “Play and Earn” as opposed to “Play-to-Earn” give more control to players while emphasizing the gaming experience—making P&E games more attractive to crypto enthusiasts and players alike.  

Leading Blockchain-based Game

MIR4 Global, a play-and-earn MMORPG, is deemed one of the most successful and sustainable blockchain games in the sphere. Just a year after its launch, it has already amassed more than 20 million accumulated users and $160 million in in-game revenue.  

Originally developed by Wemade, the game utilizes blockchain technology to feature more advantages like creating and trading NFTs, staking programs, earning in-game tokens while using them in other games onboard the Wemix platform, and more. MIR4 has an open-world premise that capitalizes on a long-standing fandom of the Legend of Mir series.  

In a nutshell, MIR4 lets its players enjoy the traditional gaming experience while using the advanced features of blockchain.   

Starting at the Top

Wemade CEO Henry Chang has recently been making headlines, and for good reason. Since April this year, he has been purchasing WEMIX coins out of his own pocket.   

To date, Mr. Chang holds a whopping total of 82,880 WEMIX Coins. His monthly purchase is proof of his sincere dedication to contributing to the sustainable development of the Wemix ecosystem.   

Aside from sustainability, CEO Chang also highlights the importance of tokenomics in a game’s long-term user growth and retention. He explained, “A successful online game is fun but also has a well-established economic system, which is contained in the game.” Giving back power to the end user, he added “In-game economy coming out to the real world is innovative in itself but imagine what can happen when game tokens or NFTs can be separated from the game. MIR4’s game tokens, and character NFTs are not tightly coupled with MIR4. Moreover, blockchain, inherently, is separated from the game. MIR4’s game tokens and character NFTs, even though they are issued by MIR4, don't belong to MIR4. They belong to users, not developers, even technically”.  

He further added that with 50,000 games being released every year globally, they cannot realistically all invest in developing their own blockchain platform. Thus, as Wemix becomes the default open blockchain game platform more and more third-party developers will be able to seamlessly onboard the platform, taking the blockchain game industry to the next stage.   

While an increasing number of platforms are now moving towards advocating for more sustainable game development, Wemade has been proudly leading the space since 2018… and will continue to do so for years to come.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.