Wemade Partners with Katnappe to Bring Arcade Game to Blockchain Platform

Forkast Labs streamlines operations following mergerForkast Labs, a crypto media and data intelligence firm, has streamlined and consolidated its operations in the wake of a merger which was carried out earlier this year.CryptoSlam mergerIn January, Forkast News, a Web3 media publication which had been founded in Hong Kong, merged with United States-based blockchain analytics firm CryptoSlam. The merger led to the formation of a newly branded entity known as Forkast Labs — a “Web3-focused data intelligence and media platform.”Forkast Labs’ merger with CryptoSlam brought together their respective strengths, with CryptoSlam specializing in non-fungible token (NFT) data tracking since its establishment in 2018. In January 2022, CryptoSlam secured $9 million in funding, led by Animoca Brands. It is worth noting that Forkast.News is also a portfolio company of Animoca, with Yat Siu, the founder and executive chairman of Animoca, overseeing the merger process.Photo by Possessed Photography on UnsplashStrategic pivotThe tie-up aimed to create a synergy between data intelligence and media in the cryptocurrency space. According to a report by The Block on Friday, recent developments suggest a potential pivot away from traditional editorial operations. Citing a Forkast Labs internal memo that the publication claimed had been shared with it, the memo stated:“There will be an increased focus on the data side going forward, and the collective team will be focused on launching new data products.”With that change of direction, it’s understood that some editorial staff have been laid off. The internal company memo went on to state that “the majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year.”The original crypto news site Forkast.News was co-founded by former Bloomberg anchor Angie Lau and former McKinsey consultant Sarah Chang in Hong Kong in 2018. The company raised $1.7 million in a seed funding round in 2021. In the wake of the January merger, the company had expanded its offerings in subsequent months with the release of indices, including the Forkast 500 NFT Index. Additionally, a partnership with The Sandbox in June aimed to “index the metaverse.”Consolidation trendThe changes effected by Forkast News and subsequently Forkast Labs are very much in line with a recent trend evidenced relative to crypto media. The Block carried out a reorganization in March that saw the firm layoff 27 staff, accounting for around one-third of its workforce. Last month, the media outlet was sold to Singapore-based venture capital group, Foresight Ventures, with a valuation of $70 million.Another prominent crypto media platform, CoinDesk, carried out an editorial staff reduction in August. It was subsequently acquired last month by cryptocurrency exchange platform Bullish in an all-cash deal led by former New York Stock Exchange President Tom Farley. Bullish is also one of three bidders in the running to buy out failed crypto exchange FTX.The evolving dynamics in the crypto media sector underscore the industry’s adaptability and pursuit of new avenues. In this instance, it demonstrates the pursuit of a data-focused business proposition amid changing market demands.

The Philippines' central bank has confirmed it has no plans to issue a retail version of a central bank digital currency (CBDC) but that it has definite plans to introduce a wholesale-level CBDC, albeit without using blockchain as the underlying technology. Avoiding retail-level bank run riskThe bank expressed concerns that a retail CBDC could potentially trigger bank runs, given the velocity at which digital currency can be transacted. However, in an interview with local media outlet, the Inquirer, the central bank governor Eli Remolona clarified that within the next two years, the country has definite plans to roll out a wholesale CBDC. CBDCs come in retail and wholesale forms, with the former accessible to the general public and the latter exclusively for institutional use. While the Philippines central bank initiated an exploratory study previously relative to CBDC use, concerns have been raised by the Bank for International Settlements (BIS) about the readiness of institutions to handle the risks associated with CBDCs.Photo by Krisia on PexelsDismissing blockchainDespite this move, the bank does not intend to utilize blockchain or digital ledger technology, which are fundamental to many virtual assets. Remolona stated: "Other central banks have tried blockchain, but it didn’t go well." Instead, the CBDC will operate on a payment and settlement system owned by the central bank, with a focus on wholesale transactions mediated by banks. This marks a shift in the central bank's approach to underlying technology where a CBDC is concerned. The Bangko Sentral ng Pilipinas (BSP) initially embarked on an exploratory study regarding CBDCs in 2022, known as Project CBDCPh. Upon completion of that study, it followed up with a pilot project called Project Agila, concentrating on a wholesale CBDC. Project Agila leaned on the use of the Hyperledger Fabric blockchain, considering it for use on the first wholesale CBDC.  Hyperledger Fabric is an open-source blockchain framework hosted by the Linux Foundation. Companies like IBM, SAP and Intel have all contributed to the development of the enterprise-grade permissioned blockchain network. However, it appears that the BSP is shying away from using any type of blockchain-based solution in establishing its CBDC. Regional steps towards CBDC useThe central bank of the Philippines is among several in the Asia-Pacific (APAC) region that are working towards the introduction of a CBDC. Earlier this month an official from the Reserve Bank of India (RBI) outlined that the central bank will move forward with CBDC development while working towards addressing privacy concerns that citizens may have with a digital rupee. Towards the end of last month, the Japanese government, in collaboration with the Bank of Japan, appeared to be gearing up for the rollout of a CBDC. In a recent meeting between both parties, several legislative matters were identified as key to ensuring a smooth path to the unobstructed launch of a digital currency. There has also been a lot of activity relative to attempts to utilize CBDCs for cross-border trade over the course of the past year. In the United Arab Emirates (UAE), the country announced the first-ever use of its CBDC or digital dirham in a trade deal with China using mBridge, a multi-CBDC platform that supports peer-to-peer, cross-border payments in real time.

Wemade Reports Loss of $30.6M Despite All-Time High Quarterly RevenueSouth Korean gaming company and blockchain giant Wemade disclosed its preliminary consolidated financial statements for the second quarter of this year, revealing an all-time high quarterly revenue of 159.3 billion KRW ($121 million). Despite this revenue, the company faced challenges, experiencing an operating loss of 40.3 billion KRW and ultimately recording a net loss of 29.4 billion KRW.Photo by Christian Wiediger on UnsplashNight Crows driving revenue growthThe Q2 revenue, marking a noteworthy year-on-year growth of 46%, can be attributed to the success of Wemade’s latest mobile game, Night Crows, according to local news outlet Newsis. This massively multiplayer online role-playing game (MMORPG) gained substantial traction since its launch in April. Drawing from this success, the game publisher has strategic plans to take Night Crows a step further by developing a blockchain version, with intentions to present it to global gamers within the current year.More games under developmentExpanding beyond Night Crows, Wemade is actively working on the development of other captivating gaming titles. These include Legend of Ymir, a game inspired by Norse mythology, and This Means War, a massively multiplayer online first-person shooting (MMOFPS) game.With a keen focus on blockchain ventures, Wemade is making significant strides in this domain. In May, the company forged a meaningful partnership by signing a memorandum of understanding (MOU) with Hub71, a prominent global tech hub based in the United Arab Emirates (UAE). Hub71 is undertaking initiatives aimed at nurturing Web3 startups and fostering the growth of blockchain technologies. Moreover, Henry Chang, Wemade’s CEO, attended WebX, the annual Japanese Web3 conference held in Tokyo last month, to call for game developers in Japan to participate in the burgeoning blockchain industry.Chang stated that capitalizing on its technological prowess, Wemade is actively identifying various business opportunities amid the rapid expansion of the global blockchain sector. He emphasized that the company is carefully preparing to make a seamless introduction of the blockchain version of Night Crows this year. According to Chang, Wemade is committed to investing in the creation of new games while strengthening the WEMIX ecosystem. A key element of this ecosystem is the WEMIX token, which supports three pivotal services: blockchain gaming platform WEMIX PLAY, DAO-driven NFT platform NILE, and decentralized finance service WEMIX.Fi.