WeMade Entertainment is betting heavily on blockchain and NFTs for its upcoming MMORPGs. DAXA nevertheless points out irregularities in the studio’s practice and announces a delisting of the WEMIX token. It loses 95% of its value and WeMade’s share price plummets.
As we know, the South Korean studio WeMade Entertainment Currently, he is betting heavily on play-to-earn and crypto assets: the developer plans to support its MMORPGs on the blockchain and bets on NFTs to monetize the objects in its universes. To that end, We made launched its WeMix platform aimed at bringing together play-to-earn games (which promise players to earn crypto-assets by playing) and enable the exchange of WEMIX, a token used to convert in-game currency into crypto- assets in an exchange place. At least that’s the theory.
Last June, the top five crypto asset platforms in South Korea (Upbit, Bithumb, Coinone, Korbit and Gopax) announced the establishment of DAXA, the Digital asset exchange allianceintended to regulate the exchange of crypto assets in Korea, officially for the purpose of protecting users – less officially, also to regain the trust of users and government authorities in a context of crisis of confidence in crypto assets.
And of course, the DAXA wants to show its vigilance: the Alliance announces its intention to refer to the WEMIX (that is, the token of WeMade) of the South Korean exchange platforms. The DAXA is particularly critical of WeMade lack of information and released much more WEMIX than announced initially in its documentation (the studio had announced an issuance target of nearly 246 million tokens on Oct. 31, and DAXA already had more than 318 million on its platforms by Oct. are held ). DAXA subsequently issued a vigilance notice. WeMade obviously didn’t take this into account, and as a result, the Alliance is now announcing a delisting of the token on South Korean platformswhich takes effect on December 8.
We can easily understand the implications for WeMade: the developer is betting heavily on the blockchain to fuel the economic models of its future games and MMORPGs, but will likely end up at the head of a crypto asset that can’t possibly be exchanged on platforms, and therefore worthless. . If the measure is not yet active and WeMade ensures that the delisting does not go ahead, users are not mistaken: the value of WEMIX collapses (the token was worth $18 a year ago, $1.59 yesterday, about $0.45 today). And virtual value isn’t the only one affected: WeMade Entertainment’s setbacks are clearly worrying investors from the old economy, and the studio’s stock price has lost nearly 30% of its value in a week (just yesterday it was WeMade). share worth €40.80, it is now only worth €29.30). Beware of (virtual) speculators, fortunes can be made and undone just as quickly.