Wemade's blockchain-focused subsidiary, the WEMIX Foundation, effectively rejected the request from investors for a buyback (market purchase) of more than 50 million WEMIX coins.
On the 1st, according to the gaming industry, the WEMIX side dismissed the large-scale buyback request through its official community on the 30th of last month. Instead, it announced that it would invest 10 billion won in the global launch of Wemade's large-scale massively multiplayer online role-playing game (MMORPG) 'Legend of Emir' and the initial ecosystem development. Since WEMIX has ceased trading support on major domestic exchanges, the buyback is only possible on overseas exchanges. The foundation's strategy is to buy WEMIX coins in the overseas market to control circulation and defend value.
Earlier, on May 31, WEMIX investors pointed out on the community bulletin board that the second buyback plan did not reach the expected amount of 20 billion won at the time of its announcement. The WEMIX Foundation announced on March 14 that it would buy back 20 million WEMIX coins. Given the current price drop, investors urged for the purchase of more than 50 million WEMIX coins from the market. This was a request to protect investors by buying more coins based on the amount rather than the quantity.
In response to this request, the WEMIX team stated, "It is difficult to expect sustainable value-increasing effects from short-term large-scale market purchases, and there is a risk that the benefits will return to short-term profit traders rather than long-term holders."
The WEMIX team also provided a detailed explanation of the market purchase situation and related facts. First, they said that the second market purchase announced on March 14 was planned at about 13.6 billion won based on the WEMIX price at that time (680 won). They also reported that they had used 12.36 billion won to purchase approximately 19 million WEMIX coins so far. The WEMIX team stated that, separate from the existing buyback of 20 million coins, they plan to purchase an additional approximately 10 billion won worth of WEMIX coins, considering the special nature of the current market situation.
The WEMIX coins purchased in this way are expected to be utilized for the overseas launch and ecosystem development of 'Legend of Emir'. This means that the purchased WEMIX coins will be used for in-game currency or to attract initial users without being burned. Wemade expects 'Legend of Emir' to play an important role in the WEMIX ecosystem.
The WEMIX team emphasized that "rather than conducting in a single instance by setting fixed periods and scales, increasing the value of WEMIX through market purchases aimed at the growth of the ecosystem and synergy is a more meaningful method for holders in the long run." They added, "Ultimately, we will do our best to achieve the same goal of growing the WEMIX ecosystem and increasing its value."