The aftermath of the ‘Terra’ and ‘Luna’ is huge. First of all, the cryptocurrency market has been greatly shaken. And the P2E game industry that uses cryptocurrency also has been shrank. I think that people will and should start 'Discriminating gems from pebbles' in the cryptocurrency and P2E game industries. Therefore, it is expected that P2E games of listed companies such as Wemade or Netmarble or world-famous companies will receive a little more attention.
The collapse of the stablecoins ‘Tera’ and ‘Luna’ has greatly shaken the global cryptocurrency industry. The huge tower that was raised by ‘greed’ and ‘expectation’ collapsed in an instant with ‘distrust’ and ‘fear’. Some even compare it to 'Bankruptcy of Lehman Brothers' in the cryptocurrency industry. It is not easy to even hold someone accountable because it happened in a situation where there are no relevant laws or regulations. In the midst of this, person who issued ‘Tera’ is preparing ‘Tera 2.0’.
The aftermath is also huge. In particular, the P2E game industry, which is deeply intertwined with cryptocurrency, was hit directly. The prices of various cryptocurrencies which is used in P2E games have declined. The price of ‘Wemix’ of Wemade, the leader of the South Korean P2E game industry, fell by about 15% in just one week. The price of C2X, the cryptocurrency of Com2uS Group, which used the blockchain mainnet of the 'Terra' issuer, also fell by 60% within a week, and Com2uS Group decided to leave the mainnet on the 13th May. The price of Netmarble’s cryptocurrency ‘MARBLEX’(MBX) was also cut in half within a week. And a P2E game that was about to be released has been delayed.
The accident happened. There are opinions that laws and regulations should be made so that the same situation does not occur. However, laws related to virtual assets cannot be created in a single moment somewhere. In reality, it takes a long time for the legislation to be enacted.
It is not the law that supports the current P2E game industry in the first place. In South Korea, Game Rating and Administration Committee also stipulates that it is ‘illegal’. (A lawsuit against this decision is ongoing.) What supports the current P2E game industry is ‘trust’ or ‘belief’ in the company and cryptocurrency. In other words, from the user's point of view, it is most important to choose a reliable game company and a reliable cryptocurrency.
Then, how do you choose? Looking at the South Korean users as a standard, there is one easy and simple answer. It is to choose the platform and cryptocurrency of a company listed in South Korea. A typical example is Wemade’s ‘Wemix’. In addition, there are alternatives such as Netmarble, Com2us Holdings, Com2us, Neowiz, and Joycity. These listed companies have laws and regulations to abide by. Therefore, it is relatively safe to choose the platforms of these listed companies.
This is what Wemade CEO Jang Hyeon-guk recently emphasized. He said, “We are not in a position to commit fraud. Wemade has internal controls that other startups don't have. As Wemade is a listed company, it must also undergo external audits. This is different from other coin issuers”
So, if you want to play P2E games, it is less risky to choose a platform or cryptocurrency of a listed company for now. Another way is to play P2E games from world-famous leading game companies.
I don't think I'm the only one who thinks like this after the 'Luna' incident. Everyone will think the same way. While other cryptocurrencies are plummeting, the reason why Wemade’s ‘Wemix’ has rebounded is probably because there are many people who think like this.
Whether trading cryptocurrencies or playing P2E games, I think you will go somewhere in the middle if you don't forget the very basics. Wemade CEO Jang Hyun-guk emphasized during a press conference, “Wemix can be used in various game” Useless currency is difficult to maintain its value. Both in games and in real life. This is the principle of the world that anyone can understand. In a way, it may be a counter-proof that the market was so dizzy that it was necessary to emphasize this “obvious thing”. I hope that madness will disappear from P2E games due to this 'Luna' incident.
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