Jang Hyun-guk, Wemade CEO: "Stock Price Decline Time Resolved... Traffic and Revenue Growth Are Important"

Jang Hyun-guk, CEO of Wemade

[Asia Economy Reporter Seungjin Lee] Jang Hyun-guk, CEO of Wemade, stated on the 16th regarding the sharp drop in stock price, "Looking at the increasing trend in traffic and sales shown by our blockchain games, the stock price will be resolved over time as results appear." Earlier, Wemade experienced a stock price plunge after it was revealed that a large amount of coins from its blockchain platform WEMIX were sold off following the earnings announcement on the 9th.

Additionally, CEO Jang expressed strong confidence regarding the emergence of latecomers such as Netmarble and Com2uS, saying, "We do not feel threatened." He also announced plans to participate in global game shows this year to promote that Wemade's blockchain games are not 'P2E games' (play-to-earn games) but 'P&E games' (play and earn games).

"Stock price drop will be resolved over time, WEMIX 2% burn"

CEO Jang held an online media briefing to reveal Wemade's business plans for this year. He explained the purpose of the briefing, saying, "Recently, the blockchain economy is developing, and it seems a paradigm shift is occurring with significant environmental changes. During such times, I believe more communication about what strategies Wemade is achieving and how we plan to proceed is helpful."

In a Q&A session with reporters, regarding the Q4 earnings last year reflecting the liquidity (sale) revenue of the cryptocurrency 'WEMIX' all at once, he said, "This was because the accounting method for cryptocurrency was finalized at the end of last year." CEO Jang clarified, "It is impossible and fraudulent to deliberately process accounting that was recorded over several months all at once at year-end. We still have WEMIX coins that the company holds but cannot yet account for."

He also revealed plans for WEMIX coin burning. CEO Jang stated, "I do not think short-term coin burning for price support is appropriate. However, we believe that when our ecosystem grows, there should be proper rewards for coin holders, and this burning plan reflects that intention."

This was an explanation in response to opinions that the liquidity sales of WEMIX were excessive, which caused Wemade's stock price to fall after the earnings announcement. CEO Jang added, "Since Wemade emphasizes the platform, we consider traffic and sales trends important. In fact, Q4 traffic and sales increased 7 to 8 times, and as time passes, results will appear, so time will resolve this."

"No threatening competitors... We are P&E, not P2E"

Regarding the recent acceleration of blockchain platform businesses by companies like Netmarble and Com2uS, CEO Jang expressed confidence, saying, "They are not threatening." He emphasized, "After Wemade's MIR4 success, many companies in the same industry have followed us, but I have not yet felt threatened just by looking at their strategies. Once a platform becomes clear, it is impossible for latecomers to overturn it. Our strategy is to secure first-mover advantage."

He said, "I think the term P2E does not fit us, so we use the term P&E. Blockchain games are not about making money but about making games more enjoyable, and to convey this, we will participate in global game shows." CEO Jang also revealed plans to participate in multiple global game shows this year, including the Game Developers Conference (GDC) held in the U.S. in March.

Furthermore, CEO Jang announced plans to onboard 10 Chinese games onto Wemade's blockchain platform WEMIX this year. "Because the Chinese network is good, we have already started discussions with Chinese companies," he said. "We said we would release 100 games on WEMIX this year, and about 10 of those will be from Chinese companies. As for the Western market, I think results will come depending on how actively we participate this year."

CEO Jang viewed that political issues such as the suspension of game approvals in China could instead make Wemade's 'WEMIX' an alternative for Chinese game companies to expand overseas.

He explained, "China is not issuing game approvals and the situation is unclear. Moreover, with the Communist Party Congress in October, the political atmosphere makes it difficult to do anything. Chinese game companies are also turning their eyes overseas, and the alternative is the WEMIX solution. We have been in contact with many Chinese game companies in January and February this year."

This content was produced with the assistance of AI translation services.