Over the last few years, Microsoft has been venturing out and investing in new sectors of technology, such as investing in Space and Time, a decentralised data warehouse. Microsoft’s investments in areas such as Web3 are a sign of the times, as many large-cap technology companies have adopted the idea since 2021. Web3 is an idea that uses cryptocurrencies and blockchain technology to provide internet users with data security, privacy, and scalability.
Microsoft’s Latest Venture
Most recently, we have seen Microsoft back WeMade, a South Korean video game developer that has made several aggressive bets on blockchain technology over the years. WeMade is best known for creating the Legend of Mir series, which has attracted more than 120 million users in Asia. The company’s games, such as Legend of Mir 2, generate over $20 million per month in China alone, highlighting the dominating presence WeMade has in the Asian gaming market. WeMade is also a progressive video game company that has been exploring different ways to incorporate blockchain into its games.
WeMade’s Work In Blockchain
The company’s objective is to use blockchain technology to transform everyday games and to have its stablecoin used as one of the main currencies in the blockchain gaming market. Microsoft recognises the private company’s potential, investing $14.8 million in the company through convertible bonds, as per regulatory filings. Shinhan Asset Management and Kiwoom Securities also backed the blockchain gaming-focused company, with Shinhan investing $21.2 million and Kiwoom investing $10.5 million. These three investments are just the beginning of WeMade’s plans to build its global blockchain gaming ecosystem.
WeMade is at the forefront of blockchain gaming, which is why the company is receiving significant backing from some of the most respected companies in the gaming sector. Blockchain already has a considerable presence in the gambling industry and brings with it many advantages. Casinos that embrace blockchain allow individuals to play games solely using crypto by supporting the most popular digital currencies available. This means that players don’t have to wait a long time to get payouts or register to play games like blackjack and slots in the crypto gaming space. These are the defining features of the best crypto casino online. The increasing presence of blockchain in gaming and online gambling makes one wonder if it will make its way into sports betting.
There are also blockchain-based games that let players have real ownership of in-game assets, such as CryptoKitties, a platform developed by Canadian studio Dapper Labs in Vancouver, British Columbia. In 2018, CryptoKitties received backing from Steph Curry after partnering with the Golden State Warriors star to release the first-ever celebrity-branded CryptoKitty. Each CryptoKitty represented Curry’s interests and skills, such as his passion for cooking.
Where Else Are We Seeing The Idea Of Web3?
Microsoft may be investing in blockchain and Web3, but the technology company isn’t the only one. While some critics have pointed out concerns over Web3’s decentralisation, and Jack Dorsey and Elon Musk have both said the idea serves only as a marketing term, companies like Nike are still moving into this space.
During the week of November 14th, 2022, Nike announced that it is launching a Web3-enabled platform called ‘.Swoosh’. The platform will allow people to collect and trade digital items like virtual sneakers and the Nike .Swoosh platform is expected to launch in January 2023. It is meant to encourage customers to become co-creators in digital product royalties. The platform’s digital collectibles can be used in Web3 games such as t-shirts and sneakers, and the company also stated that users will be able to unlock real-world benefits through Web3 technology, including conversations with pro athletes.
Microsoft has been investing in new industries for years, and WeMade has been making a global name for itself in blockchain gaming at the same time. It’s not a surprise that the two companies have finally come together, with Microsoft investing a substantial amount of capital in the South Korean video gaming company. The future is blockchain gaming, and Microsoft will be glad the company got its foot in the door in the beginning.