Wemade CEO Henry Chang expects South Korea to lift ‘absurd’ ban on P2E next year

Henry Chang, CEO of South Korean video game developer Wemade, said South Korea's new administration under President Yoon Suk-yeol will likely end its ban on blockchain and play-to-earn gaming in 2023.

Aug 12, 2022
by Anvi Saini
Wemade CEO Henry Chang expects South Korea to lift ‘absurd’ ban on P2E next year

Wemade CEO told reporters in an interview with Forkast: 

“The new government came a hundred days ago and the current government considers (modifying) the law to allow the blockchain games in Korea, I expect it will be next year”

According to Chang, the negative image South Koreans have of video games contributed to the ban on P2E.

Chang further elaborated,

“As game developers, we need to try our best to correct misunderstandings and improve the bad image. We are trying to provide social responsibility in detail to the entities in Korea and other worlds.”

South Korea's Game Rating and Administration Committee doesn't allow any blockchain-based games to be released in the country. They have said this is because they worry the games will encourage people to speculate.

Wemade has made a number of games with blockchain technology, like the P2E role-playing game MIR4, which is the 15th most played game on Steam as of this writing.

Chang said at a company press conference earlier this month that Wemade is also getting ready to launch its own blockchain mainnet WEMIX 3.0 as soon as next month.

More about Wemade

During Korea Blockchain Week 2022, Wemade showed the teaser page for the NFT platform, NILE (NFT is Life Evolution) (KBW). On the teaser page, users can look at the NFT collections, DAO projects, and the NILE ecosystem as a whole, which will change the way we live.

The company also made a strategic investment in the next-generation M2E (Move-to-Earn) project SNKRZ. SNKRZ users can exercise and receive coins as a reward.

Simply put, Wemade invests in a wide range of blockchain companies and projects. The company recently received praise for its successful investments in luxury fashion metaverse ALTAVA's TAVA coin and South Korea's first short-form platform CELEBe's FANC coin.

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