Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming

Based in South Korea, Wemade has a $41 million tax bill to pay after starting a $100 million Web3 fund. About 10% of the company's equity is still owed in taxes on WEMIX tokens that were issued by a subsidiary from 2019 to 2022. Since their launch in 2020, WEMIX tokens have grown a lot, giving investors a return of 635%. At the same time, South Korea is thinking about lifting its ban on initial coin offerings from 2017. Instead, they might choose to impose a 20% tax on the profits made from crypto transactions. This new development makes it harder for Wemade to invest in Web3. South Korean gaming powerhouse, Wemade, finds itself in financial turmoil as it discloses a substantial $41 million tax debt following the recent launch of its ambitious $100 million Web3 fund. The tax liability is intricately tied to the issuance of WEMIX tokens by its subsidiary, Wemade Tree, spanning the years 2019 to 2022. This substantial debt amounts to approximately 10% of the company's equity, according to a filing with Kosdaq on January 3. The company assures stakeholders that the tax debt, along with an additional penalty of up to $38 million imposed by tax authorities, is slated for settlement by February 29, 2024, adhering to legal procedures.WEMIX tokens, introduced in 2020, have become a significant player in the cryptocurrency market, demonstrating an impressive 635% return since their inception. Currently trading at $2.64, these tokens boast a diluted market cap of $2.5 billion, functioning as an Ethereum Virtual Machine-compatible protocol that powers Wemade's Web3 applications network.This financial setback comes amid South Korea's evolving regulatory landscape. Despite instituting a ban on initial coin offerings in 2017, the country is now contemplating a shift, exploring the possibility of reversing the ban and, instead, introducing a 20% tax on profits arising from crypto transactions. Wemade's situation is further complicated as it navigates these regulatory considerations while actively engaging in the Web3 space.In a strategic move on December 22, 2023, Wemade collaborated with Singapore's Whampoa Group to launch a $100 million Web3 fund, aiming to invest in digital asset initiatives in the Middle East. The collaboration positions Whampoa Digital as an ecosystem partner for Wemade's Wemix Play Center in Dubai International Financial Centre (DIFC) Innovation Hub, with the fund capital earmarked to support developers within Wemix Play.Wemade's current challenges underscore the intricacies and potential regulatory hurdles within the ever-evolving crypto and blockchain space.

The article discusses five breakthrough developments in the world of play-to-earn gaming, showcasing the impact of blockchain technology and innovative gaming concepts: Pirate Nation Studio Secures $33M Funding: Pirate Nation Studio, led by Proof of Play, has secured an impressive $33 million in seed funding from venture giants such as Andreessen Horowitz and Greenoaks Capital. The co-founder, Amitt Mahajan, plans to utilize these funds to expand the company and advance its pioneering on-chain gaming technology. Notably, Twitch's CEO, Emmett Shear, is also joining the project. The addition of a free-to-play mode in Pirate Nation aims to expand its player base. NHN's Crypto Games on Sui Blockchain: South Korean gaming giant NHN is exploring blockchain technology to innovate digital board games. Known for games like Hangame Poker, NHN plans to integrate NFTs and offer crypto token rewards. Collaborating with Mysten Labs, NHN seeks to enhance user engagement and attract a wide audience. This move aligns with the growing interest in blockchain among Asian gaming companies. Phantom Galaxies Release on Steam & Epic Games: Blowfish Studios is generating excitement with the upcoming release of Phantom Galaxies, scheduled for early access on November 2, 2023. The game, catering to mecha gameplay enthusiasts, will be available on both Epic Games and Steam, featuring a free-to-play model. However, the Steam version will lack web3 features, yet anticipation is building among gamers for its gripping narrative and dynamic combat. Walmart's Metaverse Initiatives: Retail giant Walmart is venturing into the metaverse by enabling real-world item purchases within virtual games. In collaboration with FUN-GI, the creators of House Flip, Walmart allows users to make in-game purchases of physical items without exiting the gaming environment. Walmart's expansion into the fashion sphere within Zepeto showcases its ongoing innovation in the Web3 space, bridging the gap between virtual and physical commerce. Animoca Brands' Formula E: High Voltage: Animoca Brands has introduced Formula E: High Voltage, a game that merges high-speed racing with green energy concepts. The game offers a unique gaming experience, and an early access event began on September 18th. Daily battle mode tournaments are planned to challenge players' skills and strategies within the Formula E universe. The article underscores the dynamic and innovative nature of the play-to-earn gaming sector, with each of these developments pushing the boundaries of gaming evolution. From substantial funding to eco-conscious racing games, these breakthroughs hint at a future where play-to-earn gaming could become the standard in the industry, thanks to blockchain technology and creative game concepts.

Blockchain Technology, Video Games equals Earning Opportunities for every gamer! Play To Earn (P2E) Opportunities are all over in 2022.

South Korea has one of the leading NFT based games in the industry, yet these video games are still banned in the country.

GameFi is a phenomenon that resulted from the amalgamation of gaming, decentralized finance, and NFTs. Why are gamers not excited?

In a recent move by the authorities in South Korea, Apple and Google are asked to remove play-to-earn games from their respective stores