Night Crows, a Korean MMORPG developed by Wemade and MDNGINE, has gained significant attention in the gaming industry. The game launched globally in March 2024 and quickly proved to be a financial success. Within just three days of release, it generated $10 million in sales, and between February and September 2024, it amassed over $140 million in revenue. The game’s trajectory suggests it could reach $200 million in earnings, making it one of the most successful recent MMORPG releases.

Wemade, known as the "world’s largest blockchain game platform," claims a concurrent user count of 586,000. However, despite its ties to blockchain technology, only $700,000 of Night Crows' revenue came directly from blockchain-related transactions. This has sparked a debate on whether the game should be classified as a web3 title.

Night Crows Reports $200 Million in Revenue

About Night Crows

One of the main points of discussion surrounding Night Crows is its connection to web3 gaming. While Wemade initially positioned itself as a blockchain gaming company, its recent leadership changes have resulted in a shift away from traditional play-to-earn (P2E) and other blockchain-based features. Instead, Night Crows primarily offers players the ability to cash out in-game assets, rather than integrating blockchain technology as a core gameplay element.

Industry analyst 1mpal has commented that Wemade's games are not fundamentally web3 but instead provide an option for players to monetize their in-game earnings. This model has led to increased player spending, often referred to as "spend-to-earn," where players invest heavily in the game with the expectation of financial returns. However, this structure is largely sustained by high-spending players, often called "whales," and has also contributed to a widespread botting problem, as automated accounts exploit the game's monetization system for profit.

Night Crows Logo and Key Art 

Sustainability vs Business Strategy

The sustainability of Night Crows' model remains a key question. While its revenue figures are impressive, the reliance on high-spending users and botting activity raises concerns about its long-term viability. Some critics argue that the game’s financial success does not translate into a positive player experience, as Wemade has shown little regard for fostering a strong community around its games.

However, others, including Gabriel Leydon (Limit Break), have countered that despite these concerns, Night Crows is still outperforming many other web3 gaming projects. Many blockchain-based games have struggled to achieve financial stability, with several facing bankruptcy, while Wemade continues to generate substantial revenue. This contrast highlights a broader discussion about the intersection of blockchain and gaming, where financial success often comes at the expense of community engagement and long-term sustainability.

Gabriel Leydon (Limit Break) Posts on X (Twitter)

Wemade’s Reputation in Crypto Industry

Beyond the gaming industry, Wemade’s actions have also influenced the perception of blockchain technology in South Korea. The company has faced allegations of fraudulent behavior, contributing to skepticism toward cryptocurrencies and blockchain gaming in the region. While Wemade has positioned itself as a leader in blockchain gaming, its reputation has been affected by these controversies, further fueling criticism of its approach to game development and business ethics.

Impact on Web3 Gaming

Despite its criticisms, Night Crows provides valuable insights into monetization strategies within the gaming industry. Its financial success demonstrates that blockchain-related features, even if minimal, can drive significant in-game spending. At the same time, its business model raises questions about whether such games truly represent the future of web3 gaming or if they are merely using blockchain as a secondary tool for financial transactions.

While some in the gaming community disregard Night Crows due to its lack of focus on player experience, its impact on the industry cannot be ignored. Whether games like Night Crows are necessary to push web3 adoption forward remains a point of debate, but their success indicates that blockchain integration in gaming, even in a limited capacity, continues to be a profitable venture.

Source: Raiden's Gaming Chronicles