The news came out on the 25th that the Financial Supervisory Service will review the stockability of the virtual currency “WeMix 3.0″ (hereinafter referred to as WeMix), which is being developed by Wemade.
As the news broke, the industry recalled the Music Cow incident and predicted WeMix’s stock judgment.
In April, the Financial Services Commission concluded that the copyright profit investment service provided by Music Cow should be applied to the Capital Market Act by defining it as a “piece investment” that can be seen as a form of investment contract securities.
At that time, investors through Music Cow misunderstood that they owned some of the music copyrights themselves, but in fact, they made a fractional investment with the right to share the profits generated from copyrights. In addition, the Financial Services Commission judged that the claim corresponds to the legal requirements of investment contract securities.
As a result, the Financial Services Commission conditionally withheld the sanctions process on condition that Music Cow came up with measures to protect investors until mid-October this year.
Meanwhile, Wemade plans to develop an NFT (irreplaceable token) platform and a decentralized financial platform using Wemix, issued using the so-called Play to Earn (P2E) system, known as a money-making game.
Currently, famous game companies such as Ballof, Joy Game, NHN, and Thumb Age are known to be on-boarding WeMix Play.
To this end, WEMIX PLAY, a blockchain gaming platform, is onboarded to each game company’s game to provide a basis for exchanging tokens issued in various games.
In addition, NFT Is Life Evolution (NILE), where NFT is traded, is a platform that allows creators to recruit funds, assets, and members to produce works. “WEMIX DeFi Service” is known as a platform that can handle storage, transactions, loans, payments, and investments of encrypted assets by enabling decentralized finance.
Wemade aims to create an economic ecosystem by expanding the value chain of Wemix, which started in the game, to NFT and finance.
It is not known in detail what perspectives and issues the Financial Services Commission is currently deliberating on WeMix. However, some predict that whether Music Cow has applied sculptural investment and investment contract securities will be the main topics of deliberation.