Wemade, a renowned gaming company, recently revealed an unpaid tax debt of $41 million following the launch of its Web3 fund. The company is currently under scrutiny for its tax audit for the years 2018 to 2020, which raised eyebrows due to the significant tax debt. Wemade’s shares have also been impacted, with a sharp decline after the disclosure of the unpaid tax debt. Despite the tax complications, the company remains optimistic about its new venture, the Web3 fund, which is aimed at investing in blockchain gaming and non-fungible tokens (NFTs).
The Web3 fund by Wemade is part of the company’s strategic move to expand its presence in the lucrative blockchain and NFT sector. The fund is designed to fuel the development of a decentralized gaming ecosystem by supporting innovative blockchain gaming projects and NFT platforms. However, the company’s tax debt has inevitably caused ripples in the industry, adding an element of uncertainty to its bold expansion plans. While Wemade navigates through its tax issues, the future of its Web3 fund hangs in the balance, making it a situation worth monitoring for stakeholders in the gaming and blockchain industry.
