OKX Ventures invests in Web3 infrastructure startup

Wemade to Participate as Main Sponsor in G-STAR 2023South Korean blockchain game developer Wemade will participate as the main sponsor in this year’s G-STAR 2023, the global game exhibition to take place from November 16 to 19 in the southern port city of Busan. This marks the company’s second consecutive year as a main sponsor of the event, highlighting its commitment to promoting Korea’s rapidly growing global blockchain gaming market.“We hope that G-STAR will mark a turning point for Wemade as a blockchain pioneer in the domestic gaming market,” said Henry Chang, the company’s CEO.Leading the future of gamingAt the exhibition’s B2C section, Wemade will unveil its upcoming releases set to enter the global market via WEMIX PLAY, its blockchain gaming platform. The developer said it will showcase games including the MMORPG “Legend of YMIR,” which is currently in the works at Wemade’s extended reality subsidiary Wemade XR, and the baseball game tentatively titled “Round 1 Baseball” under development by Round 1 Studio, which Wemade will publish.Photo by Jack B on UnsplashWemade also plans to participate in discussions regarding potential collaboration opportunities with other domestic and international gaming and blockchain companies in the B2B section.CEO Chang is set to deliver the opening keynote speech at G-CON 2023, a conference to be held at the exhibition, on November 17 at 10 AM. He will present his insights into the future vision for the blockchain gaming market.Moreover, various outdoor events are being prepared to create a festive atmosphere for visitors to enjoy throughout different areas of Busan.Wemade plans to publish an online page for G-STAR 2023 to provide detailed information about their showcased works and general details about the event.Success storyNotably, at last year’s G-STAR, Wemade unveiled “Night Crow,” — an MMORPG made by Madngine, a game-developing company that Wemade invested in this year — which drew the attention of the attendees. The game has since topped popularity and sales rankings following its domestic release in April. A blockchain version of the game utilizing tokenomics is also set to launch in the global market at the end of this year.

Animoca Brands Remains Bullish on Blockchain GamingBlockchain-based games have gained significant attention within the cryptocurrency space, witnessing remarkable growth and daily activity across various protocols despite challenging market conditions. Hong Kong-based Animoca Brands, the Web3 and metaverse company, recently pronounced its bullishness where blockchain gaming is concerned.In 2022 alone, Web3 gaming attracted approximately $4.5 billion in funding, as asset managers, investment funds, and venture capitalists sought to capitalize on the flourishing sector. In an interview with Cointelegraph, Yat Siu, Co-Founder of Animoca Brands, expressed the company’s renewed optimism in the blockchain gaming sector and provided an update on its eagerly anticipated metaverse fund, which made headlines in late 2022.Photo by julien Tromeur on UnsplashAnimoca’s metaverse fundThe metaverse fund, originally planned to have a budget of up to $2 billion in November 2022, aimed to invest in mid to late-stage startups focused on developing metaverse products and experiences. However, due to recent volatility affecting the cryptocurrency space, Animoca Brands scaled back its investment target to $1 billion in January 2023. Reports in March suggested a further reduction to $800 million.While awaiting the required license to launch the metaverse fund, Siu emphasized that Animoca Brands has been actively investing in early-stage startups through its venture arm, with additional investments directly from the company’s balance sheet. Currently, the company boasts a portfolio of over 450 companies.AAA blockchain games anticipatedDespite the challenges, Siu anticipates the release of several “AAA” blockchain games, in which Animoca Brands has made investments, by the end of 2023 or early 2024. Siu believes that the quality of titles backed by Animoca Brands, built on open protocol systems such as Ethereum and Polygon, will contribute to the long-term sustainability of the sector. He underlined the importance of these games being on-chain, enabling third parties to leverage the capabilities of blockchain technology and explore exciting possibilities.Siu also highlighted the significant role of scaling protocols like Polygon and technological advancements such as zero-knowledge proofs in boosting the development and quality of upcoming blockchain games. Immutable, a layer-2 platform, effectively reduced costs and improved transaction speeds for NFT generation in blockchain games. Choosing the right blockchain platform, especially Ethereum, is crucial for success in the industry.While fully decentralized games present challenges, Siu acknowledged that a hybrid on-chain and off-chain approach might be more suitable as the industry progresses towards true decentralization. Certain game features, such as provenance and skins, lend themselves well to on-chain implementation, while others may require a gradual transition.Integrating blockchain tech with existing gamingSiu emphasized the potential for integrating blockchain elements into the existing gaming culture worldwide. By designing interfaces that are familiar to gamers and gradually introducing crypto and Web3 experiences, gaming companies can facilitate the adoption of blockchain technology while promoting financial literacy among players.The Head of Animoca Ventures, an Animoca Brands sister company, recently explained that key Japanese games console makers are also showing an interest in blockchain gaming.Looking ahead, the year 2023 and beyond are critical for the blockchain gaming sector. The release of high-quality games, coupled with significant investments, will shape the long-term success of the industry. With its extensive portfolio and unwavering optimism, Animoca Brands remains dead set on driving innovation and pushing the boundaries of blockchain gaming.

JPEX Exchange Scandal Sees Crypto Regulation Under Scrutiny in Hong KongWhile Hong Kong has been developing steadily as a crypto sector hub, the focus in the Chinese autonomous territory has turned towards regulation after a recent scandal involving an unlicensed cryptocurrency exchange.Photo by Ihor Saveliev on UnsplashOngoing investigationYesterday we reported on some arrests relative to problems experienced at crypto exchange JPEX. The fallout continues on Tuesday, with the Hong Kong police now understood to have arrested eight individuals, including social media influencers who promoted the exchange and JPEX employees, on allegations of fraud. This illicit activity in and around the JPEX exchange has affected over 1,600 investors, implicating more than $150 million in assets.JPEX, in response to mounting pressure, announced the suspension of trading on its platform. In a statement, the exchange mentioned ongoing negotiations with third-party market makers to address liquidity shortages. However, JPEX also accused an unidentified third-party market maker of maliciously freezing funds, further complicating the situation.Politicians and regulators speak outResponding to the incident via a press conference on Tuesday, Hong Kong’s Chief Executive, John Lee, emphasized the significance of investing in virtual assets through licensed platforms. Lee stated:“This incident highlights the importance that when investors want to invest in virtual assets, then they must invest on platforms that are licensed.” He also pledged that the Securities and Futures Commission (SFC) would closely monitor the situation to ensure investor protection.Elizabeth Wong, the Head of the SFC’s fintech unit, revealed that an investigation was underway to determine whether JPEX had violated anti-money laundering laws. The SFC had already declared JPEX unlicensed, prompting numerous complaints from investors who were unable to withdraw their virtual assets or experienced unexplained reductions in their balances.Assets frozenHong Kong authorities have taken decisive action against those involved in the scandal. They have frozen bank accounts valued at 15 million Hong Kong dollars ($1 million) and seized three properties valued at 44 million Hong Kong dollars. The police have reported receiving 1,641 complaints related to JPEX, involving a staggering $1.2 billion Hong Kong dollars. By last Wednesday, the SFC had received in excess of 1,000 complaints and at that point, they notified the general public.The JPEX scandal has drawn attention to the need for stronger cryptocurrency regulations in Hong Kong, a region that has become attractive to cryptocurrency firms since mainland China banned cryptocurrency transactions in 2021. In mainland China, trading cryptocurrencies on foreign exchanges from within the country remains illegal.Hong Kong’s response to cryptocurrency regulation has evolved. Beginning on June 1, the SFC started accepting applications from cryptocurrency exchanges, allowing licensed operators to serve retail investors, provided they understand the associated risks. Previously, only professional investors had access to such exchanges. Currently, only two exchanges in Hong Kong, OSL Exchange and Hashkey Exchange, have received approval to operate.As Hong Kong reevaluates its approach to cryptocurrency regulation, the crypto sector will hope that it strikes a balance between fostering innovation and protecting investors from fraud and market manipulation.