WEMIX Tokens: Changing the Face Of Blockchain and NFT Gaming
The introduction of innovative concepts such as crypto gamification, blockchain technology and non-fungible tokens (NFTs) is changing the rapidly growing gaming landscape. Fueled by easy access, financial rewards and fun mechanics, the growing popularity of NFT gaming has spawned a community of avid gamers and crypto investors. Who wouldn’t want to have fun while earning money on the side?
NFTs allow unique ownership of digital assets, which can be a compelling investment option. If you’re interested in NFT gaming as an investment and/or gaming opportunity, read on as we explore the WEMIX gaming platform and the potential of WEMIX tokens.
What Is WEMIX?
WEMIX is a blockchain NFT gaming platform developed byWemade Tree Pte. Ltd., a South Korean company. Gamers on WEMIX can earn rewards for playing games they already enjoy.
WEMIX games are designed around the concept of GameFi, the gamification of blockchain-based financial systems that incorporates play-to-earn gaming models. GameFI platforms allow users to buy, sell and trade digital collectibles known as NFTs. The games successfully combine game content with blockchain technology to deliver an entertaining and rewarding experience.
The developers of WEMIX represent an arm of the South Korean gaming group WEMADE. Riding on the back of WEMADE’s successful The Legend of Mir, WEMIX has rolled out a range of blockchain-based games that are easily accessible to every category of user. You don’t have to create a crypto wallet; just download the game app on the play store, and you can start gaming.
Video gaming is a tough and competitive industry, and games can be considered expendable. Gamers often come to the end of the life cycle of a game still eager to move on to its next level. This is partly due to the independent, fragmented nature of games. Developers struggle to produce sequels to extend a game’s lifespan and prevent users from leaving a platform when they get to the end. Avid gamers end up jumping around different platforms to maximize playing opportunities.
WEMIX is at the frontier of building games that aim to address these issues. WEMIX-based games are developed within an interconnected ecosystem of developers, users and platform providers who interact for long-term growth. Users find meaning and interconnection in this online ecosystem that spills over into the real world. Building such an advanced ecosystem leverages the principles of sharing, robust circulation structure and transparency.
WEMIX’s first blockchain-based title was the spectacular CrypTornado launched in June 2021. Since then, they’ve added more games including BirdTornado, GalaxyTornado, MIR4, AquaTornado, FishingTornado, Blade: Re.Action and Rise of Stars. Each of these games allows you to earn unique in-game items in the form of NFTs, which can be converted to WEMIX tokens. MIR4 was downloaded more than a million times on the Google Play store in its first three months, bringing in about $10 million in its first full month alone.
Despite the government’s hesitancy toward blockchain-based games, the vibrant South Korean gaming scene is bullish on gaming NFTs. Leading the charge is WEMIX, with over ten game titles currently running on its platform. Many more gaming companies are planning to come aboard in 2022.
How Do WEMIX’s NFT Blockchain Games Work?
Blockchain-based games with NFT functionalities allow players to generate in-game elements that are assigned as NFTs, making them tradable between users. For instance, you can earn real money on the popular Axie Infinity by farming and selling an in-game item called Smooth Love Potion (SLP). SLPs are needed to collect and breed Axies, animated pet-like characters which are also tradable on the marketplace. Players are rewarded with tangible value for their skill and effort spent on the platform.
WEMIX hosts several NFT games with different gameplay and designs, all of which share the same NFT gamification model. The main purpose of NFT games is to create a new economy where players can trade digital assets such as collectibles and other game-related items. This creates a decentralized economy where no central authority controls the market. Instead, all transactions are recorded on the blockchain — which, incidentally, also makes it impossible to cheat.
Standard gaming rules and mechanisms apply, such as point scoring and competition for rewards. In-game assets are minted as NFTs, which can be swapped and/or traded for cash.
WEMIX NFT-based games offer a vastly improved gaming experience. Unlike traditional video games, you own any in-game items you acquire or earn. Stored safely in your wallet, you won’t risk losing them in mid-game crashes. For example, in the popular MIR4, all the high-level gears, weapons and other items you collect in battle or by completing quests are yours to keep, and can be traded or cashed in.
Similarly, blockchain decentralization in NFT games ensures your game progress is always available — unlike traditional gaming, where a centralized platform holds all the data and is therefore vulnerable to mishaps. The same blockchain-enabled decentralization also allows you to go back to study previous gameplays and upskill yourself.
Then there are the financial incentives. Rewards earned in traditional bird shooting games remain on the screen, only to be used as bragging rights. In contrast, in the simple hunting NFT game BirdTornado, you earn Tornado tokens for shooting down birds. These tokens can be converted to WEMIX tokens that can at least buy you a nice cup of coffee. Of course, if you hang on to the WEMIX tokens, you’ll also benefit from any appreciation in value.
WEMIX tokens are the highest-level tokens within the WEMIX ecosystem, issued on the public chain for maximum token economy efficiency. Issued in June 2020, the WEMIX Token runs on the Klaytn blockchain, notable for its scalability, speed and low transaction fees.
Users also earn game-specific “game tokens,” which offer a branded token experience within each game while still being convertible and tradable. These tokens have a game-specific purpose and contribute to the sustainability of the WEMIX ecosystem. During gameplay, users earn game tokens such as Tornado (TORN) and CQ Zuanshi that can be swapped for WEMIX tokens, and vice versa.
Users, platform holders and developers are rewarded with WEMIX tokens for their activities within the ecosystem. These shared tokens foster a sense of community and enhance sustainability, one of WEMIX’s key objectives.
WEMIX Tokens are utility tokens. Here are some of their use cases:
- As a medium for transactions across the platform. WEMIX is the native token of the WEMIX NFT gaming ecosystem, and is the primary medium of exchange for transactions across the WEMIX platform. There are also game-specific tokens used in-game to optimize their entertainment and monetary value.
- Inter-game token swaps. WEMIX tokens serve as a means to exchange game-specific game tokens. As the game tokens vary with different game titles, users may need to swap these tokens for one another. For instance, Tornado tokens earned on BirdTornado may be exchanged for CQ Zuanshi tokens, the in-game token for the popular game Legend of Mir. Users can execute swaps within the WEMIX wallet.
- In-app purchases. Most games on the WEMIX platform run in-game stores where users can buy weapons, equipment and kits, etc., to enhance gameplay. While users can pay with fiat currency, WEMIX tokens are the primary payment method for items purchased from the in-game stores. Paying with game tokens offers additional entertainment value, and incentivizes users to participate further to earn more game tokens.
- Crowdfunding solution for developers to support overall costs. Game developers incur significant costs to build and launch a new game. However, they’re hesitant to build new games, not being sure of their commercial success — and thus facing the risk of financial loss. To hedge against this risk and encourage game development, WEMIX supports the presale of in-game tokens to raise funds and partially cover the cost of game development. At the same time, the users who bought the tokens become the new game’s most active supporters and help promote the game. For game developers and users, this can be a win-win.
- Staking. WEMIX tokens help to protect and validate the base blockchain network through staking. Since WEMIX games are free to play, users don’t have to buy cryptocurrencies or stake crypto in order to play. Instead, they can stake WEMIX tokens for rewards, in exchange for performing tasks such as referring new users, completing surveys and watching ads, etc. The more tasks you complete, the higher percentage of tokens you receive. Although staking isn’t a requirement to play games on the WEMIX platform, you can earn more rewards for staking.
- Airdrop participation. WEMIX game developers airdrop game tokens to recruit new users to their platform. Airdropping cryptocurrencies involves the distribution of new tokens to the public. It’s an effective marketing tool used to advertise new projects. WEMIX Token airdrops are targeted at current owners, since they’re already active on the platform, constitute a ready market with purchasing power, and can further promote the game.
According to CoinMarketCap, the live WEMIX price as of December 31, 2021 is $9.60, with a 24-hour trading volume of $40,788,848. The current live market cap is $1,183,604,495 and WEMIX is ranked #211, with a circulating supply of 123,233,682 coins and a maximum supply of 1,015,066,200 coins.
You can buy and sell WEMIX on Bybit, Gate.io, ZT and MEXC, among other crypto exchanges. However, you can’t yet buy WEMIX directly with fiat currency. You first have to buy BTC, USDT or ETH from any major exchange and then transfer it to the exchanges that list WEMIX.
Are WEMIX Tokens a Good Investment?
NFT gaming tokens are relatively new to the crypto market and have seen tremendous growth. A Blockchain Game Alliance report noted that NFT games generated $2.3 billion in third quarter revenue, accounting for 22% of all NFT trading volume. But will this trend continue?
WEMIX has outlined a solid growth plan that includes adding more games and token listings with major exchanges. With blockchain gaming gaining traction and rapid growth in user base, it’s expected that WEMIX — with over 600 million users — will be one of the dominant players in that sector.
Therefore, investing in WEMIX tokens can be profitable in the long term. However, as with other cryptocurrencies, investors face significant volatility risks, so be sure to perform your due diligence beforehand.
How To Buy WEMIX Tokens
WEMIX has been listed on some crypto exchanges, but you can’t buy it directly with fiat currency, unlike other well-known cryptocurrencies. However, you can buy it by first purchasing the stablecoin Tether (USDT) from any reputable exchange, such as Bybit.
Once you register on Bybit and complete your KYC verification, you’ll be required to select a payment method. You can choose the bank transfer or credit/debit card option, and then buy USDT. Simply use the USDT in your wallet to trade on the spot market (WEMIX/USDT), and then obtain the WEMIX token. This way, you’re converting your USDT into WEMIX tokens.
The Bottom Line
With an impressive lineup of fantastic games, WEMIX promises to be a game-changer in the nascent NFT and blockchain gaming sector.
WEMIX has successfully created a platform that integrates core gaming content with blockchain technology. In the process, they’ve managed to create innovative solutions to problems facing NFT game development.
More importantly, by incorporating technology that lowers the barriers to entry for both developers and users, WEMIX has increased mass adoption, furthering the development of sustainable gaming.
The WEMIX road map is geared toward onboarding more games, which will keep it on track to capture a significant chunk of the one billion-plus active gaming population. WEMIX Tokens represent a promising investment opportunity that’s definitely worth keeping an eye on.