GameFi as a major achievement of the Korean Wave (Hallyu) movement
August 15 2022 - 4:26AM
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July 15th was a music milestone. Ten years ago in Summer 2012, the
release of “Gangnam Style,” catapulted South Korean singer and
rapper, PSY to stardom as the song instantly became a global hit.
Captivating listeners with catchy lyrics and an animated music
video featuring the iconic horse-riding dance, Gangnam Style hit
the unprecedented 1-billion views mark on YouTube just 159 days
after its premiere. The song’s immense popularity and rapid global
reach quickly thrust Korean pop culture into the international
spotlight, a phenomenon known as the “Hallyu” or Korean wave
movement. The phrase emerged to encapsulate South Korea’s influence
in exporting its popular culture, media, and even cuisine into the
global cultural economy. U.S. President Barack Obama even
referenced the Korean Wave in a 2012 state visit to the East Asian
nation. Hallyu Gains More Momentum Amid Work By Plenty Of Korean
Creatives And Innovators Plenty of Korean artists continue to
follow in the footsteps of PSY in shifting the global music scene.
K-Pop acts like BTS and Blackpink remain massively popular and are
considered positive examples of South Korea’s cultural exportation.
In early August 2022, Blackpink announced details of their
performance in Abu Dhabi in early 2023 as part of its “Born Pink’
world tour. Hallyu’s also made waves within gaming. Some may even
argue that games built the foundation for the Korean Wave due to
the popularity of Korean games in the 1990s and early 2000s. South
Korea’s Minister of Culture, Sports, and Tourism gave a massive
push to gaming amid remarks in July. “When we think of K-content,
we can think of BTS and Squid Game, but when it comes to global
dominance, of course, games are at the forefront; I think this is
important. The Ministry of Culture, Sports and Tourism will provide
policy support so that the instincts of game developers can live
on.” Park Bo-Kyun explained. Game developer and publisher of over
20 years Wemade remains at the core of South Korea’s gaming
industry. The South Korean game industry found its roots in the
1990s as government policies prioritized telecommunications and
Internet infrastructure. Today, millions across the world recognize
Wemade due to the success of its “Legend of Mir” MMORPG series.
From The 1990s To the 2020s, Korean Gaming Continues To Lead The
Way Wemade continued to foster an innovative culture even as new
technologies like blockchain look poised to transform the global
gaming industry further. Wemade CEO Henry Chang has expressed a
desire to mold his company into the Steam of blockchain games. He
shares his thoughts, saying the familiarity of the Legend of Mir
series could pose an advantage to ushering in a culture of
high-quality blockchain-based games with engaging titles. Wemade
added nine games to its Wemix blockchain platform in 2022 so far,
bringing the total to 14. The company has made 22 investments in
blockchain projects as of early July and plans to launch a
collateralized Wemix stablecoin. According to Mr. Chang, Wemade
plans to host 100 games by the end of the year. The blockchain
gaming platform allows users to earn resources in games and convert
them into crypto or fiat and empowers developers to build game
links with dApps. Additional features include an NFT marketplace, a
multi-chain gaming platform “Wemix Play”, Wemix wallet, and more.
Wemade’s global version of MIR4, released in August 2021, is
heralded by some as one of the best combinations of traditional and
blockchain gaming. The game hit 1.4 million concurrent users by
November 2021 and 6,2 million monthly active users in Q4, a 2022
earnings report revealed. This is exceptional for an MMOPRG game.
Many within the gaming industry enjoyed massive successes during
the depths of COVID-19 lockdowns as millions of gamers spent most
of their time at home. Realistic And Accessible Blockchain-Based
Games Remain Resilient Even Amid COVID-19 MIR4 continued to grow in
popularity worldwide, even as pandemic lockdowns subsided. Many
believe MIR4’s unique characteristics and robust in-game economy
boosted the game’s success. In late June 2022, Wemade launched MIR
M: Vanguard and Vagabond, based on the popular The Legend of Mir 2.
MIR M players start in a traditional, immersive, and realistic
setting of a Korean village, leading some to comment how MIR M’s
design, graphics, and soundtrack elements resemble a Korean
historical drama. The long-lasting success of Gangnam Style and
South Korea’s continued influence in exporting popular culture,
music, cuisine, and other elements to the world is a testimony to
the benefits of diplomatic ‘soft power.’ K-Pop, K-drama, games, and
GameFi are also all examples of how cultural influence can lead to
significant economic gains for a nation, especially since Wemade
has built itself into a leader within both traditional and
blockchain gaming worlds. Ultimately, a decade after PSY’s biggest
hit changed the world, GameFi continues to propel Hallyu forward
into new frontiers of technology and innovation.
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