NFT: WeMade launching S. Korea's first NFT game exchange next month

WeMade Entertainment Co., Ltd, a South Korean video game developer known for its massively multiplayer online role-playing game (MMORPG) game series called “Legend of Mir,” is set to open the first online NFT game exchange in Korea next month.

WeMade Co. will launch the non-fungible token game exchange so users can trade characters and other in-game items as cryptocurrencies. As the number of game developers entering the NFT sphere continues to grow, experts can see the blockchain-based game market becoming even more competitive soon.

WeMade is the latest Korean game developer to announce its foray into crypto-based gaming. According to The Korea Economic Daily, the company will unveil its NFT game exchange called the Mir4NFT.

Apparently, it has based the name on its most successful MMORPG, “The Legend of Mir” game series. The company will be unleashing Mir4NFT on Dec. 14.

Once the site is up, gamers can open an account on the Mir4NFT game exchange, and they can begin trading game characters they have created or items they have accumulated while playing. Users must use the currency created by WeMade called WEMIX, which can be bought in foreign or local crypto exchanges.

NFTs based on the game’s IP or intellectual property already exist, but WeMade’s Mir4NFT will be the very first NFT exchange where the contents in a game are linked. After the company launched its game exchange, Com2Us, Gamevil, and NCSoft Corp. are also expected to release NFT-based games.

In the case of another Korean gaming company, Kakao Games Corp., it is likely to become the second game developer to open an NFT game exchange. Its platform is reportedly ready sometime next year.

At any rate, while more and more companies are revealing their plans to incorporate NFT into their games, South Korea pushed through with its move to ban blockchain-based video games that give cashable NFTs as a reward.

Forkast previously noted that players of WeMade’s MIR4 game couldn’t experience the game in its entirety because the local version does not have play-to-earn features that are being enjoyed by gamers overseas since the ban is in effect in Korea. It is yet to see how WeMade’s upcoming Mir4NFT game exchange will be affected by the policy set by Korea’s Game Rating and Administration Committee.