Microsoft Makes a Web3 Investment in a South Korea-based Gaming Platform Wemade
Microsoft’s interest in non-fungible token projects might be somehow lower but even then it is still investing in the Web3 sector. It has made its exclusive investment in Wemade (a gaming company based in South Africa). The platform is famous for its well-known Legend of Mir collection. The Web3 firm has collected nearly $46M from Microsoft, Kiwoom Securities, and Shinhan Asset Management.
Microsoft Invests in Web3 Gaming Company Wemade
Even though the establishment of Wemade was witnessed in the starting phase of the 2000s, the venue has started offering services related to Web3 in recent times and released both its stablecoin as well as mainnet in the previous month. The tech giant Microsoft became a part of the burgeoning Web3 sector formerly in 2022. It initiated its Web3 venture with an investment in Consensys (a blockchain software firm).
Recently, Microsoft has also issued a job posting for a product manager to deal with blockchain and Web3 technologies. This additionally indicated that the company was endeavoring to establish a group internally. Apart from that, in September this year, it participated in a funding round specified for Space and Time (a firm devoted to providing decentralized data).
Related: Web3 Venture Capital ‘DWF Labs’ Launches Officially
Nonetheless, in the case of the gaming sector under the Web3 umbrella, the tech platform has witnessed a lot of opposition. Mojang Studios (the creator of Minecraft) was bought on the behalf of Microsoft in 2014. It stated that it would not favor non-fungible tokens as they would pave the way toward imbalanced access in any game. It declared in clear words that the company would not permit the integration of blockchain technology inside the server and client applications operating under Minecraft.
Microsoft’s Executive Expresses Apprehensions over NFT and P2E Gaming Integrations
Phil Spencer, the gaming CEO of Microsoft, also brought to the front some apprehensions regarding the integrations of non-fungible tokens and play-to-earn games in August. The latest initiatives taken by Wemade into the Web3 world have not been without any contention either. In the previous week, it witnessed an issue with its latest WEMIX stablecoin due to a mismatch between the actual and anticipated distribution of the respective token.
It additionally faced a deficient disclosure regarding the circulating supply. Consequently, the South Korean Digital Asset Exchange Association released an investment caution against this token. Wemade stated in a post that it would enhance its disclosure system along with attempting to remove the warning.
