As the shock from the recent crashes of TerraUSD (UST) and Terra (LUNA) is still being felt, the current crypto market atmosphere seems to be determined by fear more than greed. The notoriously volatile market is once again being tested; even Tether (USDT), the stablecoin with the biggest market capitalization, has been shaken.
Some argue the fall of UST and LUNA was predictable. Anchor Protocol (ANC) promised a whopping APR of nearly 20% for staking UST and was the main attraction of the two cryptocurrencies. Other than supporting each other’s prices, the purpose and use case of the two assets were vague, at best.
This may be another challenging time for crypto. However, some cryptocurrencies are weathering the situation better than others. Take Wemix (WEMIX), for example, a cryptocurrency designed by the South Korean gaming company Wemade. The Wemix platform is the largest and arguably the best blockchain-gaming platform worldwide. At the time of writing, 11 games are being serviced on the Wemix platform, and that number will reach 100 by the end of 2022. If one looks at the platform’s current pace, one will see it is well in line with the planned schedule.
Wemade’s play-and-earn (P&E) feature — where gamers can earn resources and convert them to fiat via Wemix — promises more than standard play-to-earn (P2E), which sometimes forces players to play just to earn crypto assets.
There has been a myriad of commercially successful pay-to-win games. Wemix does not guarantee earnings with its P&E games — on the contrary, players may end up spending money happily and voluntarily. However, they will enjoy the experience, as the Wemix token can be used in all games on the platform.
Wemix and other notable P&E coins are different from ordinary coins on the market and serve a unique purpose: Wemix Tokens can be exchanged for game tokens to purchase in-game items. They are also used for trading nonfungible token (NFT) game characters and items. While most tokens in the market are for individual investment purposes, Wemix can either be an investment or used in-game. Since the Wemix platform has games of all genres, anyone can find a genre they prefer.
The heads of Wemade are putting their money where their mouths are — quite literally.
Henry Chang, CEO of Wemade, announced in April he would spend his entire salary and dividends on Wemix tokens. Kwanho Park, chairman and founder of Wemade, is dedicating approximately 30 billion Korean won ($23.66 million) to buy market tokens during the next six months.
Skepticism about cryptocurrency still persists, but tokens with a functional use case will frighten people less.
Wemade is a pioneer in-game development platform based in Korea. Its focus is ever-shifting toward the metaverse and blockchain — e.g., NFTs and decentralized finance — technology with an emphasis on personalizing the gaming experience. Wemade strives to transform everyday games with blockchain technology and establish its Wemix token as a key gaming-industry currency.
Wemix is a leading global blockchain-gaming platform based on the key cryptocurrency, also known as Wemix. The platform offers P&E, a new paradigm where players can enjoy polished games while also earning resources.
For more updates and news, visit WemixNetwork.Medium.com.