Wemade Invests in GameFi App Froyo Games, Supported by iCandy Interactive
South Korean game developer Wemade has announced its strategic investment in Froyo Games, a multichain GameFi platform that has multiple games and development initiatives supported by its strategic partner iCandy Interactive.
With a track record of more than 20 years and its blockbuster MMORPG – massively multiplayer online role-playing game (RPG) – series The Legend of Mir, Wemade is well-known by hundreds of millions of players globally. The company launched The Legend of Mir 4 as its first play-and-earn (PaE) RPG where users can trade items and characters via the Wemix (WEMIX) token. The Legend of Mir 4 alone gathered 6.5 million monthly average users in 170 countries in a few months, which is a tremendous success as an MMORPG.
The Wemix platform welcomes both in-house games and other studio games with the leading blockchain technology in the industry. Players can earn game tokens by playing games and then swapping them with WEMIX, which can be traded in global exchanges. Currently, 11 games are on the WEMIX platform and it aims to offer 100 games by the end of 2022. WEMIX is listed on 20-plus crypto exchanges and plans to reach 50 as well.
The core strategy of Wemade is long-term customers who play for decades. The company provides well-made games with strong in-game economies and a PaE model where players can enjoy an enhanced gaming experience.
Froyo Games was launched in January 2022 via a farming offer at PancakeSwap, the largest decentralized finance (DeFi) platform in the world. Since its launch, Froyo Games has announced its principal strategic partner, the Australia-listed firm iCandy Interactive, and several major game titles in co-development with them.
The iCandy Interactive platform is one of the largest independent game developers in Australia and Southeast Asia that develops and publishes traditional and Web3 games. iCandy Interactive employs more than 600 full-time employees in multiple countries.
iCandy Interactive recently acquired Lemon Sky Studio and Storms to achieve its regional expansion plans. Lemon Sky Studio is an award-winning game studio that has provided game art and animation solutions for a long list of triple-A game titles that include Call of Duty, Final Fantasy, Diablo II, The Last of Us II, Marvel’s Spiderman, Mortal Kombat and more.
Another notable subsidiary of iCandy Interactive is Storms, a Singapore-based game developer and publisher that was founded by Singtel, Advanced Info Service, and SK Telecom, the largest mobile network operator in Asia.
Froyo Games provides a Web3 platform and nonfungible token marketplace based on its own token FROYO. It’s based on the Ethereum and BNB Smart Chain networks and provides a much more accessible ecosystem to game developers and users. Froyo is listed on PancakeSwap, ApeSwap, BKEX, BTSE and CoinW. Their major investors are Animoca Brands, Spartan, GBV Capital and others.
The iCandy and Froyo platforms announced a seven-year partnership agreement in March 2022 to seek opportunities for blockchain-gaming platforms and metaverse technology.
Wemade expects the expansion of the WEMIX’s tokenomics, market presence and additional content by working closely with Froyo Games and iCandy Interactive.
Henry Chang, CEO of Wemade, said:
“Coupled with WEMIX, a proven utility coin and WEMIX Dollar, a 100%-collateralized stablecoin, we will launch our own mainnet WEMIX3.0 with DAO-based NFT platform NILE and various DeFi protocols. With the open platform WEMIX3.0, we intend to roll out an omnidirectional game partnership ecosystem throughout the world. iCandy and Froyo Games will be our strong partners who will bring more value to Wemix 3.0”.
Kin Wai Lau, chairman of iCandy Interactive, said:
“Together with Froyo Games, iCandy Interactive is pleased to work alongside the prominent global game company Wemade to further develop the Web3-gaming ecosystem [in the places] we have a presence. The combined strength of our union will add exponential ability to our product development and marketing capabilities.”
The strategic investment in Froyo Games is for a significant but undisclosed sum.
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Source: igaming
