WeMade posted quarterly losses in a row. Wemade is a game company that is actively investing in the blockchain business.
Wemade announced in a public announcement on the 26th that sales in the third quarter of this year were 108.3 billion won, operating loss 28 billion won, and net loss 88.5 billion won.
Sales in the third quarter increased by 71% compared to the same period last year due to the release of the new ‘Mir M’. It is similar to about 109 billion won in sales in the second quarter. However, operating profit turned into a deficit. Net loss more than doubled compared to about 32.4 billion won in the second quarter.
WeMade provided
It is interpreted that the blockchain business is less profitable than active investment. Games accounted for 91.6 billion won, or 84.6% of total sales. The sales of the blockchain platform ‘WeMix’ were only 370 million won.
Operating expenses increased by 197% compared to the same period last year. Labor costs accounted for the largest portion of operating costs with 50.3 billion won. This is the result of increased costs by reinforcing professional manpower to expand the blockchain business.
WeMade is turning to a blockchain game platform. Starting with the launch of WeMix 3.0 Mainnet on the 20th, WeMade introduced a series of ▲ Stable Coin WeMix Dollars ▲ Decentralized Financial Service WeMixPies.
Wemade announced that it will introduce ‘NILE’, an economic platform that combines NFT and DAO, a decentralized autonomous organization.
Mir M is set to launch globally by combining blockchain systems within this year. Onboarding contracts and releases of blockchain game platform WeMixPlay are also underway.
Its subsidiary Wemade Max recorded sales of 20.5 billion won and operating profit of 5.3 billion won in the third quarter. The third-quarter earnings increased 168 percent year-on-year, and operating profit turned into a surplus.
WeMadeMax’s affiliate Lightcon has begun pre-booking global “Rise of Stars Re:Verse” and has begun preparing for its official launch.
