🧵 1. South Korean Web3 game developer, Wemade, reports increased losses in Q4 2023. Net loss jumps to $142.6 million, operating loss widens to $70.8 million. Despite this, sales rise by 2.8% to $99.6 million. #crypto
🧵 1. South Korean Web3 game developer, Wemade, reports increased losses in Q4 2023. Net loss jumps to $142.6 million, operating loss widens to $70.8 million. Despite this, sales rise by 2.8% to $99.6 million. #crypto
🧵 2. Wemade attributes sales growth to game launches and licensing agreements. However, rising costs lead to widening operating losses. Net losses expand due to stock investments and decrease in convertible bond derivatives.
🧵 3. Wemade shifts focus to Web3 gaming, launches native token WEMIX. Tokens return 635% since 2020. Recently partners with Whampoa Group to launch $100 million Web3 fund focused on blockchain gaming projects, primarily in the Middle East.
🧵 Read more at: https://cryptonews.com/news/wemade-south-korean-web3-game-developer-reports-widening-losses-in-q4-2023.htm