Wemade opens a branch in Dubai. As Dubai is a virtual asset-friendly region, it is interpreted as having a branch to promote the business activities of the blockchain game platform "Wemix".
An official from Wemade said on the 2nd, "We will set up an overseas branch in Dubai, one of the emirates in the United Arab Emirates (UAE)". This is the first time for a domestic game company to expand its business area with a branch in the UAE.
This is because Wemade Tree Singapore, the predecessor of blockchain game platform Wemix, has recently faced difficulties due to local authorities regulations. It means that Dubai has been used as a new business base to overcome the difficulties. Singapore's parliament has passed a provision in the Financial Services and Markets Act stipulating that virtual asset service providers operating overseas in Singapore must obtain a license.
In contrast, Dubai is open to virtual assets. Based on blockchain technology, it is digitalizing visa applications and license renewals, and is leaping into a new business center for virtual assets in the world. Emirates Airlines, owned by Dubai Sovereign Wealth Fund, is transforming the Dubai Expo 2020 Pavilion into a mecca for innovation, including the development of Metaverse and non-fungible token (NFT) projects.
An official from Wemade said, "It is difficult to reveal the start time of discussions to establish a Dubai branch." "We chose Dubai because it is friendly to virtual assets and blockchain businesses."
Wemade is a prioneer in the field of blockchain games amongst domestic game companies. Last year, the blockchain game 'Global Mir 4' was a box office hit. After WeMade's success story, several major game companies such as NCsoft (KS:036570), Netmarble, Kakao Games (KQ:293490), Krafton, and Com2uS Group are also competing in the field.
The industry in evaluating that WeMade is looking for a breakthrough to overcome the situation that has stalled since Mir 4. It is analyzed as an effort to solidify its leading position as it has brought a new paradigm of 'P2E' (Play to Earn, a game to make money).