Microsoft has provided financial backing to a blockchain-based Korean game developer, Wemade. The company has disclosed that it has secured around $46 million in funding from multiple companies, including the multi-national tech giant.
Oh, Microsoft invested in Korean game company Wemade: https://t.co/Q1oMjsW8vF
Wemade is little known outside Korea but publicly traded there: stock jumped +20% today (it's Wednesday in Asia).
Wemade focuses on PC, phones+blockchain games.
— Dr. Serkan Toto / Kantan Games Inc. (@serkantoto) November 2, 2022
According to the official information that was distributed by Wemade, the company was able to get an investment of roughly $46 million from three different companies. These companies are Shinhan Asset Management, Kiwoom Securities, and Microsoft Corporation. The developer claims that it was successful in obtaining additional capital investment from both domestic and international investors at terms that were favorable to all parties involved.
A lot of people probably haven’t heard of this company, but their game, MIR4, has made them quite successful in Korea. Since entering the blockchain business in 2018, the developer claims that its latest release, MIR4, has become the world’s first well-made blockbuster blockchain game, however it is unclear how it arrives at this conclusion.
They created the popular MMORPG series, Legend of Mir, the most successful of which were The Legend of Mir 2 and its successor The Legend of Mir 3. Over 120 million Asian users have joined Legend of Mir, helping it reach peak monthly earnings of $65 million. Legend of Mir 2 continues to earn well over $20 million every month in China, even after nine years on the market.
The long-term effects of this investment on Microsoft and Xbox are still up in the air. It is speculated that this might be one of Microsoft’s first steps toward achieving its aim of expanding its presence in Asia, which they have been interested in doing for a long time now.