Microsoft Buys Into Korean Blockchain Game Company

Wemade, the Korean blockchain-focused studio behind the Mir series of MMOs, has announced that its most recent investment round 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 PC and mobile titles, including the MMO Legend of Mir. As of 2018 the company started to develop blockchain technology, resulting in 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-made blockbuster blockchain game since the company entered the blockchain industry in 2018,” though its ambitions extend beyond the world of Mir and into the games industry at large. The company says it aims to “transform everyday games with blockchain technology and establish its Wemix coin as a key currency in the blockchain gaming space.”

Microsoft hasn’t made a statement about investing in Wemade, and the purchase doesn’t mean the Xbox parent company has any plans to implement blockchain technology in its own games at this point.

Xbox head Phil Spencer has taken a measured view on blockchain gaming since it first came to prominence, saying last year that he was wary about the potential for exploitation in the NFT market. More recently, he expressed interest in the potential “player use” of the technology, but still remained cautious, saying “sometimes it’s a hammer looking for a nail when these technologies come up.”