On March 15, South Korean gaming giant Wemade, with a market cap of $1.4 billion, announced a strategic partnership with Microsoft-backed Space and Time (SxT), the industry leader in decentralized data storage. This development caused Wemade’s altcoin project, WEMIX, to take a leap. Here are the details…
Microsoft-backed company and altcoin project partnered
According to a press release, the partnership will allow Wemade to power its blockchain and gaming services with Space and Time’s suite of decentralized developer tools. Nearly twenty play-and-win (P2E) games spanning all genres are powered by WEMIX PLAY, Wemade’s worldwide public blockchain gaming platform. This is all part of the ecosystem built by WEMIX, the company’s blockchain developer division, that includes the mainnet, WEMIX 3.0.
This ecosystem includes a wide variety of services such as NFTs and decentralized finance (DeFi) and the WEMIX coin, the bridge that holds them all together. In addition, WEMIX announced plans to launch an Ethereum layer-2 solution using zero-knowledge (ZKP) protocols that will continue to ensure the privacy and security of users while increasing scalability. With the advent of next-generation decentralized infrastructure for more robust and scalable GameFi development, Space and Time and Wemade plan to work together to provide scalable and reliable GameFi in the future. Shane Kim, CEO of WEMIX, said:
We believe blockchain is the future of games and offers gamers greater ownership and control over their crypto assets. As the blockchain transformation of traditional games continues to grow, the partnership with Space and Time will help strengthen our Blockchain infrastructure capabilities and add to our commitment to building a cross-game economy.
How will the partnership work?
With Space and Time, game developers can connect off-chain, player-generated data to on-chain smart contracts in real time. Connecting scalable, decentralized data to the Blockchain-based platform allows Wemade to adapt to more sophisticated earning schemes for P2E games, run tamper-proof analytics against gaming events, and reduce on-chain storage costs.
It appears that the Wemade platform, alongside its Web3 GameFi initiatives, is trying to expand its blockchain ecosystem beyond the GameFi world. It’s worth noting that it supports decentralized exchanges (DEXs), NFT marketplaces, and more, especially on the L1 mainnet. Ultimately; Developers developing GameFi, DeFi, and other Web3 applications will benefit from Wemade’s partnership with Space and Time due to the increased security and decentralization of their services.
WEMIX price rises
After the development, the price of WEMIX managed to rise more than 10 percent from $ 1.66 to $ 1.86. At the time of writing, the cryptocurrency is changing hands at $1.77, up 6.3 percent in the last 24 hours.
