Henry ChangCEO of Wemade, talks to us about how his company achieves a 10-figure valuation by leading a trend at the crossroads of technology, business and entertainment: the blockchainization of gaming.
As we know, 2022 has not been the best year for cryptocurrency investors. The bear market, which started at the end of 2021, continues a year later and does not yet seem to show signs of reversal. According to Warren Buffet, CEO of Berkshire Hathaway considered the best investor of all time: “It is when the tide goes out that you see those who bathe naked” and it is in bear markets that you separates solid projects from those that only live on hype.
“During bull markets, people are carried away by enthusiasm and only reason according to the curves. During bear markets, the fundamentals of projects are consolidated in a healthier way,” says Henry. wemade is to be placed in the category of large-scale projects which have a real use case as well as a strong user base.
With the FED rates rising, investing becomes more and more difficult. The trend in innovative companies in new technology, computing, video games and cryptocurrency is to cut expenses and lay off the least profitable employees in the short term. Wemade did the complete opposite in 2022 by hiring full-time and pushing its employee record to over 1,400.
From Gaming to Blockchain
“The challenge for all innovative companies in the video game industry is to integrate NFTs, DeFi (decentralized finance) and to make gaming more exciting thanks to the contribution of the blockchain”, Henry tells us before continue “traditional games already have their own embedded economy but it is confined. Asset value is locked in-game and has no impact outside of it. According to him, “with the blockchain, the value can be transformed and moved elsewhere: in other games… or in the real economy”. This possibility becomes an opportunity for the player who therefore sees a double interest: to have fun and to monetize his time. The gamer thus takes a slice of the attention industry pie.
As proven by the financial successes of projects like Axie Infinity, the blockchainization of gaming is becoming a real trend. But according to Henry, Axie and many others are in the wrong direction “blockchain should not be used to generate more money but to enrich the player experience”. Henry asserts that “when the game publisher’s focus is on profitability, the game is boring”. Conversely, “if the blockchain is used to improve the gaming experience, the consequence is player satisfaction, which will thus generate commercial success and more profitability in the medium term”.
With Wemade, Henry wants to become the reference platform where all traditional games can be transformed into games integrating the blockchain. This platform already exists and it is called Wemix and it currently already supports seventeen video games (more than fifty are to come). Wemade has just announced the launch of its own mainnet “ WEMIX3.0 after more than four years of R&D. WEMIX3.0 includes game platforms “ WEMIX Play “, from DeFi “WEMIX.Fi» and NFT «NILE”, in addition to stablecoin WEMIX$ which allows the stabilization and expansion of the ecosystem.
Recently, Wemade has also raised $46 million in all, from Microsoft, asset management firm Shinhan Asset Management and financial firm Kiwoom Securities, both South Korean.
As we have understood, Wemade is resolutely laying the foundations for a revolution in the fields of video games and blockchain.