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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    $3.62B Already Sold in 2025

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    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit

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    NFT market cap drops by $1.2B as Ether rally loses steam

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    From Apes to Punks, NFTs roar back with triple the buyers

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    What’s Behind the Price Surge

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    Crypto Gaming Handheld Shipments Delayed Over ‘Excessive’ Import Duties

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    Why AI NFT Companion Coins Could Be the Key to NFT Market Revival

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    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

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    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

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    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Carrieverse and Disney Ink Content Deal

    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

  • NFT
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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    $3.62B Already Sold in 2025

    $3.62B Already Sold in 2025

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

    Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit

    Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit

    NFT market cap drops by $1.2B as Ether rally loses steam

    NFT market cap drops by $1.2B as Ether rally loses steam

    From Apes to Punks, NFTs roar back with triple the buyers

    From Apes to Punks, NFTs roar back with triple the buyers

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    What’s Behind the Price Surge

    Azuki and H. Moser & Cie. Launch Limited Edition Elements of Time Watch Seri

    Azuki and H. Moser & Cie. Launch Limited Edition Elements of Time Watch Seri

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    Crypto Gaming Handheld Shipments Delayed Over ‘Excessive’ Import Duties

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    Why AI NFT Companion Coins Could Be the Key to NFT Market Revival

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    Google Unveils Pixel 10 Lineup With AI Features, New Watch and Earbuds

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    Immutable & Koin Games Unveil Fast-Paced, Collector-Driven Project O

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    Wilder World Launches FPS at Gamescom with Samsung Partnership and $100K Prize Pool

    ‘Wilder World’ Launches First-Person Shooter Game With $100K Tournament

    ‘Wilder World’ Launches First-Person Shooter Game With $100K Tournament

    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

    What the Borussia Dortmund Team-Up Means for ‘FIFA Rivals’ Players

    What the Borussia Dortmund Team-Up Means for ‘FIFA Rivals’ Players

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    SoonVerse Partners with Arris to Enhance User Experience

    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Gaming

Web3 Game Developer Wemade Reports Widening Losses in Q4 2023

February 6, 2024
in Gaming
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Web3 Game Developer Wemade Reports Widening Losses in Q4 2023
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South Korean Web3 game developer Wemade has disclosed a significant increase in operating and net losses in the fourth quarter of last year, as per its latest earnings report.

According to the report released on Tuesday, the Kosdaq-listed company’s net loss surged to 189.5 billion won ($142.6 million) in the fourth quarter of 2023, compared to 74.4 billion won in the same period of the previous year. Operating losses also widened to 70.8 billion Korean won in Q4 2023, up from 28.7 billion won in Q4 2022.

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Wemade Reports Sales Growth Despite Widening Operating Losses

Despite this, Wemade generated 118.4 billion won in sales during the fourth quarter, marking a 2.8% increase year-on-year. On Tuesday, Wemade’s stock closed down by 2.25% to 49,950 won.

The gaming company attributed the sales growth to the domestic launch of its game Night Crows and the licensing agreement for its “MIR” franchise. However, the increasing operating losses were primarily attributed to rising sales-related and labor costs.

Losses from stock investments by affiliated companies and a decrease in the value of convertible bond derivatives also contributed to the expansion of net losses.

Wemade transitioned its focus from traditional video games to Web3 gaming and launched its native utility token WEMIX via its blockchain subsidiary Wemade Tree in 2020. Additionally, it rolled out its mainnet and stablecoin.

First issued in 2020, WEMIX tokens have returned 635% since inception and currently trade at $2.64 with a diluted market cap of $2.5 billion. It is an Ethereum Virtual Machine-compatible protocol that powers Wemade’s network of Web3 applications.

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In 2017, South Korea banned initial coin offerings but is considering reversing the ban and imposing a 20% tax on profits arising from crypto transactions.

Wemade Launches $100-Million Web3 Game Fund with Whampoa Group Amid Tax Controversy

In December 2023, Wemade partnered with Whampoa Group to launch a $100 million Web3 fund to invest in digital asset initiatives in the Middle East. This collaboration also entails Whampoa Digital becoming an ecosystem partner for Wemade’s Wemix Play Center in the Dubai International Financial Centre Innovation Hub. The fund capital will support developers working on Wemix Play projects.

The newly launched Wemade Web3 Fund focuses on investing in blockchain gaming projects, primarily in the Middle East. The initiative’s overarching objective is to expedite the adoption of blockchain technology within the gaming sphere, as highlighted in the joint announcement.

However, amid this venture, Wemade disclosed an unrelated predicament, revealing its outstanding tax liability to South Korea’s tax authorities. The company owes a substantial 53.7 billion won ($41 million), equivalent to approximately 10% of its equity, potentially affecting its financial stability.

According to a January 3 filing with Kosdaq, the unpaid taxes pertain to WEMIX tokens issued by its subsidiary, Wemade Tree, from January 2019 to 2022. “The ‘imposed amount (KRW)’ above is the sum of the amount stated in the tax audit result notice imposed on our company and Wemade Tree Co., Ltd.”

Wemade is scheduled to hold its quarterly earnings call on Wednesday in Asia, where it plans to provide more insights into its 2023 performance and unveil upcoming strategies for the year ahead.

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Despite South Korea’s restrictive stance on blockchain gaming, local studios persist in developing such games for international markets. Wemade, for instance, has been working on blockchain-powered adaptations of its existing games but has opted against releasing them domestically.

The South Korean government’s stance against blockchain gaming has been evident since early 2021. In January 2023, a court ruling prohibited the release of the play-to-earn game “Five Stars” due to concerns over promoting financial speculation through its NFTs.

Tags: DevelopergamelossesReportsWeb3WemadeWidening

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