The combination of gaming and blockchain technology is not something new. Many projects have tried and are currently trying to combine these two worlds, which seem to be pretty interoperable. Yet, there is no clear brand or name that comes up when someone mentions blockchain games or GameFi.

And this is something that our today’s project wants to change. Wemix is aiming to become an industry leader in the world of gamification and blockchain technology and its recent progress suggests that it can definitely reach its goals.

What is Wemix (WEMIX)?

Wemix (WEMIX) is a decentralized blockchain platform that aims to revolutionise the entertainment industry by enabling creators to monetise their work and connect with their fans in a more efficient way. Launched in 2018, Wemix has quickly gained popularity due to its unique approach to incentivising creators and fans.

Wemix gained its popularity mostly thanks to a MIR4 game, which saw massive success all around the world. However, the protocol is much more than just one game. Its overall ecosystem does not only consist of dozens of popular games that are not independent of each other, but are also continuations and follow ups in different new environments.

Core idea behind Wemix ecosystem, Source: che.wemixnetwork.net

Thanks to this logic, Wemix is trying to solve one of the biggest problems of the gaming industry. Game developers and popular studios have a really difficult job of creating a gaming universe or platform that would keep the gamers entertained for a long time. Even if various sequels or prequels do become popular, the gamers tend to switch between the games rather quickly, especially once they reach “the end” or finish the game.

Wemix is trying to change this as it wants to create a huge gaming ecosystem in which the gamers could jump from one game to another, still be entertained and yet progress overall. The concept of gamification of blockchain-based financial systems that would reward the gamers is at the very core of this project.

NFTs as part of the solution

NFTs in the form of weapons, guns, equipment, skins, kits and much more would only encourage the usage of Wemix tokens (WEMIX), but also different in-game tokens that could be used interchangeably thanks to swaps. This would mean that once the gamers “get bored” with one game, they do not lose their progress, as they can use the earned tokens elsewhere for buying different items represented by NFTs.

Wemix is thus creating an ultimate gaming ecosystem and has a potential to become a leading part in the GameFi economy. The incorporated ecosystem of game developers building around Wemix could mean that the growth would not see a sudden and a short-term surge, but rather a gradual long-term success that would be supported by “unicorn” games, such as MIR4, bringing in the masses.

All of this has the potential to create an entertaining and rewarding experience not only for the gamers and users of the platform, but also for the developers, who could be sure that they are working long term on something that will not vanish quickly.

Dozens of successful games

And one can already see this thanks to various games. Other than the super popular MIR4, Wemix has already published games such as CrypTornado, GalaxyTornado, AquaTornado, Blade:Re.Action or Rise of Stars.

All of these games contain unique items that can be used in games. Most of them are in the form of NFTs, meaning they are not only transparent, authentic and verifiable, but also that they can be redeemed for Wemix tokens (when sold), if the users decided to cash in on their gaming time.

The fact that they earn tokens that have value also in the real world and are tradeable in different marketplaces moreover means that their gaming time can earn them income. Additionally, if they decide not to sell their asset for fiat currencies such as dollar or euro, they can potentially benefit from the increase in price of the tokens or NFTs, thus making their gaming time even more rewarding.

Yet, there is another benefit to how Wemix structured their gaming ecosystem. Since everything connected to the games, from items to purchases and marketplaces, will be connected to blockchain technology, it will not be possible to cheat. The gamers will thus have a chance to prove that they actually own NFTs that they want to sell or check whether the items they are about to purchase are not falsified.

History of Wemix

Wemix was launched in 2018 by the WEMADE TREE, which is currently known as Wemix PTE.LTD. The company’s mission is to empower creators by providing them with a decentralized platform that enables them to monetise their content without relying on intermediaries. Wemix aims to disrupt the traditional entertainment industry by creating a more transparent and equitable ecosystem.

In August of 2021 it launched its most successful game so far, MIR4, which many see as a potential trigger of a new paradigm shift in the gaming industry. The game became one of the most popular games connected to the cryptocurrency world ever, with more than 1.4 million concurrent users and a total cumulative 20 million registered users from all around the world. It is estimated that the game has gamers present in 170 countries and earned over $10 million only in the first three months.

Technology behind Wemix and WEMIX 3.0

Wemix is built on the Ethereum blockchain and uses smart contracts to automate various processes such as payments, royalties, and content distribution. The platform allows creators to mint their own tokens, which can be used to represent their work or as a form of payment for their services. Fans can also earn tokens by engaging with creators’ content or by participating in the platform’s governance process.

In October of last year, Wemix saw a major release, when WEMADE pushed out a new independent blockchain network WEMIX 3.0. This project should support the development of the mega-ecosystem that the WEMADE company wants to establish, with the WEMIX token being the key currency within the ecosystem.

With the new upgrade and move to WEMIX 3.0, Wemix implemented an EVM-compatible open-source protocol. It currently runs as a Stake-based Proof of Authority (SPoA) consensus mechanism and is secured by 40 WONDERS, which are decentralized authorities that run the nodes. The WONDERS are highly qualified global partners that are helping the business to grow.

Main information about Wemix 3.0, Source: wemix.com

It also applies a variable gas fee formula, which was part of the EIP-1559. This helps with balancing of the gas fees, expanding and contracting automatically and dynamically depending on the transaction spikes of the network. Coincidentally this mechanism also makes sure that spamming of the network is impossible since the spams would be too expensive and thus would discourage the attackers from continuing. This also improves the overall security of the protocol.

Wemix ecosystem

Wemix has one of the most interesting and complete ecosystems out there. The pure number of games being developed around this project is amusing. But the way they are interconnected and cooperate with each other is probably even more staggering. The whole ecosystem contains for instance:

• Wemix Play: expected to be the world’s biggest and fastest play-and-earn gaming platform
• Wemix$: the official stablecoin with 100% collateralisation of on-chain and off-chain assets
• 40 Wonders: known as Node Council Partners (NCP) – technology and ecosystem sponsors that represent the interests of the whole community built around Wemix
• Wemix Wallet: decentralized native wallet of Wemix providing services such as managing funds without the need to custody
• NILE: DAO-powered community platform with the goal of creation, facilitation and management of projects through programmable smart contracts
• Wemix Explorer: explorer containing two components, Macroscope and Microscope
• WemixFi: the official DeFi platform that provides services for users including staking, pools, bridges or swaps
• Papyrus: communication tool that connects people with common interest based solely on the NFTs and tokens that they are holding

The Wemix ecosystem thus clearly is not only about games. While the company and many external developers have already released dozens of them, the infrastructure around the project is much more robust than meets the eye.

Tokenomics of WEMIX

The native token of the Wemix platform is WEMIX. The token was developed on Klaytn

blockchain, mostly due to its scalability, speed and low transactions fees. The token is used to facilitate transactions on the platform and as a form of payment for creators.

It can also be used to participate in the platform’s governance process, giving holders a say in the platform’s decision-making process. The total supply of the token will be distributed in 74% to the ecosystem, 7% to the marketing, 9% to the team and the remaining 10% will be privately held and sold.

Token distribution and usage of WEMIX as described in the whitepaper, Source: che.wemixnetwork.net

The WEMIX token will serve several purposes that should encourage the players as well as other participants in the ecosystem to use it to their benefit. Amongst other things, the tokens can be used as a medium of exchange for transactions across the whole platform or in-app purchases of items and goods such as weapons, kits, equipment etc.

Moreover, the token could also be used for inter-game token swaps, meaning that tokens earned in one game can be used in another after swapping. Staking is another use case for WEMIX users who are either not gamers or just do not want to actively participate in the ecosystem. WEMIX tokens can also be used as a crowdfunding solution for developers to support their overall costs and last but definitely not least it can help with receiving airdrops of different gaming tokens built around WEMIX.

Conclusion

Wemix is a promising blockchain platform that has the potential to revolutionise the entertainment industry by providing creators with a more efficient and equitable way to monetize their work. With its experienced team, innovative technology, and unique tokenomics, Wemix has the potential to become a major player in the decentralized entertainment ecosystem mostly built around blockchain technology and gamification.

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