December 4, 2022

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Microsoft buys Korean blockchain games company

2 min read

Wemade, the Korean blockchain-focused studio behind MMO series Mir, has announced that its latest investment round has raised $46 million from a number of companies including Microsoft, VGC reports. Microsoft has invested $14.8 million in Wemade by purchasing convertible bonds.

Korean studio Wemade was founded in 2000 to develop titles for PC and mobile devices, including the MMO Legend of Mir. Starting in 2018, the company began developing blockchain technology, which led to the launch of a blockchain mainnet called Wemix.

Wemade launched its latest title Mir 4 with blockchain support, including in-game NFTs and its own token called DRACO. The company bills its latest title as “the world’s first well-crafted blockbuster blockchain game since the company entered the blockchain industry in 2018,” though its ambitions extend beyond the world of me and into the gaming industry in general. The company says it aims to “transform everyday gaming with blockchain technology and establish its Wemix coin as a key currency in the blockchain gaming space.”

Microsoft hasn’t commented on an investment in Wemade, and the purchase doesn’t mean the Xbox parent currently has plans to implement blockchain technology in its own games.

Xbox CEO Phil Spencer has been wary of blockchain gaming since it first broke, saying last year that he was cautious about the potential for exploitation in the NFT market. More recently, he’s expressed interest in the technology’s potential “gamer uses” while remaining cautious, saying, “Sometimes it’s a hammer looking for a nail when these technologies come up.”

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