NS Since the global release of the blockchain-based game in late August, WeMade, developed in South Korea, has nearly tripled its stake and founder Park Kwan-ho has become a millionaire. Yes.
A game called Meal 4W was released last November and is available worldwide (in 170 countries in 12 languages) on August 26. Since then, it has been downloaded more than 1 million times on the Google Play Store, and WeMade’s share has increased by about 290%. Park, who turns 49 next month, is WeMade’s chairman and largest shareholder and holds nearly a 45 percent stake in his name. His fortune on Forbes is estimated at $1.2 billion.
Meal 4 is a blockchain based game that allows players to earn cryptocurrency and trade irreplaceable tokens. With the proliferation of cryptocurrencies, such games are becoming more and more popular. Axie Infinity, for example, developed by Vietnamese game producer Sky Mavis, has more than 2 million daily active players. Sky Mavis raised $152 million earlier this month in a financing round led by Silicon Valley venture capital firm Andreessen Horowitz.
“Our game has evolved into the Metaverse and the value of virtual assets is recognized,” said Henry Chan, CEO of WeMade, at an analyst meeting in August. “Since then, WeMade has focused on taking advantage of the opportunities that arise during this transition.”
Courtesy of WEMADE
WeMade, based in Seongnam in southern Seoul, has been doing well for a while. Food 4 Global Edition. Revenue grew 175% year-on-year to 69 billion won ($60 million) and net profit increased from 5 billion won ($4 million) to 19 billion won ($16 million) in the second quarter. . At the same time last year. “We expect sales to continue to grow, led by global releases. Meal 4 releases with August Meal M (mobile version of the game) in the fourth quarter of the year. Shinhan Investment analyst Lee Lee Mun-jung said in a report in mid-August. .
The company generates most of its revenue (about 95%) from games such as mobile, desktop and licensing fees. Apart from eating the Franchise, Icarus Mobile’s WeMade versions of other great games have been downloaded more than 500,000 times on the Google Play Store. Other sources of income include digital comics, online novels, and their NFT auction platform.
Park, who has a bachelor’s degree in business administration from Seoul National University, founded WeMade in 2000 and was listed on the Korea Kosdaq Stock Exchange in 2009. I led the development team.
In addition to Park, Korean billionaires include Chang Bung-kyu of Kraftton, Kim Taek-jin of NC Soft, Bang Jun-hyuk of Netmarble, Kim Jung-ju of Nexon, Lee Jun-ho of NHN Entertainment and Pearl. Kim Dale’s Abyss, Kuon Huck Bean’s Smiling Gate.
In August, Kraftons Chan doubled his net worth to $2.9 billion when his company raised $3.8 billion in an IPO. This is the second largest IPO in South Korea after Samsung Life Insurance ranked it in 2010 at 4.9 trillion won.