subject: Lecture topic Lecturer: Kim Seok-hwan – Wemade Tree / CEO Presentation area: NFT, blockchain game, Play to earn, Wemix economy, win-win Lecture time: 2021.11.18 (Thu) 17:00 ~ 17:50 Lecture Summary: Win-win economy made with NFT
NFT (non-fungible token) related stocks are really hot in the stock market lately. Even when game companies say that they are applying NFT and blockchain technology, stock prices have risen. In particular, WeMade, which has been developing games for a long time, has risen from about 30,000 won to 230,000 won in the last three months. Regarding this phenomenon, people around WeMade Tree CEO Kim Seok-hwan expressed their doubts, “Isn’t he trying to take a share and leave?”
However, today’s lecturer, CEO Kim Seok-hwan, was drawing a big picture. To enable the coexistence of users and game companies in the existing distribution and payment-oriented game industry structure. By creating such an ecosystem, the game industry as a whole looked forward to the development.
And I told you why you should use NFT. Furthermore, Wemade’s concerns and solutions were included in this lecture, how to overcome the limitations of the existing game industry and blockchain.
■ Wemix platform– Beyond the limits of blockchain
Blockchain has really gotten a lot of attention in the last few years. Rumors of making a lot of money through investing in Bitcoin have come to life as the rumors spread. However, it is still difficult to find transactions through virtual currency in everyday life. It takes a long time to review virtual currency before transaction, so there is a limit to its general use. This is because the speed of the system for storing electronic money transaction records in the database has not yet been kept up.
However, blockchain technology fits well with the game field. This is because the game is an experience-based service that requires repeated time investment. The aforementioned fast transaction and time limit are not a big constraint. Besides, it doesn’t cost a lot to try out new games. This is because you can easily access new games even if you go to a local PC room right now. This aspect of the game can be combined with blockchain. CEO Kim Seok-hwan emphasized that a sustainable blockchain service can only be achieved when the gamer’s experiences in the game are well linked with the blockchain.
Then, how did Wemade Tree improve the inefficient blockchain system and apply it to the game? When using blockchain technology, there are two problems: inability to handle large transaction volumes and large transaction fees. Wemade overcomes this limitation with a multi-chain using multiple service chains. With the private chain that trades within each game and the public chain structure that integrates it, it is now possible to process large-scale transactions.
■ Play to Earn– Core token economy
If you have completed the transaction system of the blockchain game earlier, it is now time to think about how the transaction will be made. CEO Kim Seok-hwan shared the process of thinking about how to activate the NFT and token economy from a business point of view.
Among the slogans of games using NFT, the most striking word is ‘play to earn’. You can earn money while playing games. The goods of a general game used to be used only within the game. It used to be illegal to use in other games.
So WeMade designed a token economy that can be traded between different games. The biggest concern was whether it was okay to use the same goods and tokens. As a result, the tokens were divided into game tokens used in the game and server tokens that can be traded with other game tokens. The reason for not utilizing a single token is that the gap between the goods between the MMO RPG and the puzzle game genre cannot be narrowed. So, through the trading of sub-tokens and game tokens, each can be used in different economic systems.
If the Wemix economy is activated in this way, all stakeholders will be able to share the profits. The goal is to create a structure where game companies, partners, and users can all coexist. In the past, many games only took advantage of game companies, and users were close to beings who only spent money on packages. Game companies used to own the goods in the game through terms and conditions and control the flow.
However, if NFTs with serial numbers can be used, users can take ownership. Furthermore, NFTs are compatible with a single standard that exists on the blockchain. The value of the token is determined depending on what content (image-sound-video-game item, etc.) is placed on it.
Wemade’s Mir 4 is a game with Wemix economy applied. It is mainly focused on trading through game exchanges and currencies, and unlike existing games, it is said that the package will not be released. It was hoped that gamers would lead the token economy according to their own colors, rather than the economy system led by game companies.
■ Game developer position– Advantages of NFT IP preservation
From a game developer’s point of view, what are the advantages of applying blockchain-NFT? Developers can say that the advantage comes from being able to share the IP. Usually, existing game developers could not rest even after the game was launched. This is because, no matter how much content was prepared, it could not keep up with the pace of content consumption by gamers. The hotfix alone is daunting, because it is not easy to create more quality content in a new framework.
Above all, the most difficult thing for developers is that they cannot try to deviate from the game balance and game economy system. This is because even a small mistake can cause confusion in the existing system, and it is not easy to create new interesting content without touching it.
However, it may change the moment NFT goods and items are used. Developers will also be able to create a variety of new games while preserving only the basic properties of the item. Let’s take this as an example of the familiar Wemade game Icarus. In Icarus, where air combat is the core content, ‘fellow’ is an important asset for gamers. Even if you create a racing game where you can share that fellow, you don’t have to consider the gold balance of Icarus. In this way, game companies and developers will be able to produce various games. In fact, WeMade plans to make it possible to transplant fish caught in a fishing tornado to be released in the future to an aqua tornado.
■ Wemade Tree– Blockchain service provider
CEO Kim Seok-hwan said that Wemade Tree is a company that provides the most services among blockchain companies in the world. It operates Wemix Wallet, NFT auction, and DeFi (Decentralized Finance) decentralized financial services that can trade game tokens. NFT Auction is an auction site that allows you to trade non-replaceable game items-art works, such as Hunminjeongeum NFT (MBC) and News NFT (Newsis). In the future, we plan to carry out various services including the NFT market.
Wemade tried to go beyond the limits of blockchain services. Many blockchain companies have high barriers to entry, so users are not able to access them easily.
Above all, Wemade looked at the potential of game NFTs. CEO Kim Seok-hwan added that players in the game industry can have great pride. Since other works of art have no functional value, their value does not change significantly. However, I heard that the game NFT can be used in the game, and its value can be higher because it has stats attached.
■ Wemix platform– How is it different from existing platforms?
Next, CEO Kim Seok-hwan compared how the Wemix platform differs from other platforms. While the existing platforms focused on distribution and payment, the Wemix platform can be said to be an economy platform. In other words, the best advantage is that users can enjoy all the benefits as ecosystem participants rather than spending money.
He added that game companies that launch games on the Wemix platform will have the same effect as listing IPO stocks. This is because if the game is expected to go well, users’ goods and transactions may flow. If that happens, the possible area of NFT games will be wider than expected.
Finally, CEO Kim Seok-hwan concluded the lecture with a promise that WeMade will make efforts to develop the blockchain game ecosystem centered on Wemix.