The value of Wemix rose to as high as 3,587 won on Sept 19, up 426 per cent from the settlement on Oct 28 when the coin was listed, according to Bithumb. In Mir's Asian fantasy-based virtual world, players can trade 100,000 units of Darksteel into one Draco token, which then can be converted into Wemix. Wemade also invested 80 billion won (S$91.3 million) in Vidente, the single-biggest shareholder of crypto exchange Bithumb.

In 2018, he established blockchain unit Wemade Tree, and the company listed its own coin Wemix in 2020. His next step was a foray into the world of cryptocurrencies.

'That's now possible with the development of blockchain technology, and the recent surge in share prices is reflective of our vision.' 'It was wishful thinking at first to create a virtual world where people are allowed to make money while playing a game,' he said. With the emergence of the metaverse and blockchain, the digital-ledger technology that makes Bitcoin work, he is seeking to tap into growing demand for play-to-earn games. But in subsequent years, the company stumbled as it got embroiled in lengthy legal battles overseas to stop pirated copies.

'Initially, I didn't have any plan to start my own company.' When Wemade released the second version of Mir in China in the early 2000s, it managed to sign up 500 million players at one point. 'I was pretty good at programming and coding, so I thought maybe it'd be fun to make a career of it,' he said.

The Legend of Mir 3