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Investor pessimism is currently at a “dire level” – even bleaker than the darkest days of the Covid-19 pandemic and the global financial crisis in 2008, according to a Bank of America survey of fund managers who oversee a total of US$800 billion in assets under management.
Cash levels – currently at over 6% – are on the way to their highest in more than two decades as investors cut their exposure to riskier assets. It’s against this challenging backdrop that Sea Group (SE, NYSE) is preparing for life beyond Free Fire, the blockbuster battle royale game produced by Garena.
Free Fire has been a major cash cow for Sea, racking up more than a billion downloads in no time and consistently ranking among the most popular gaming titles in the world. However, there is evidence that the crown jewel is losing its sheen as Sea slashed its annual booking guidance for Garena after the game was banned in India earlier this year.
In this week’s feature piece, Tech in Asia highlights Sea’s attempt to diversify Garena’s offerings beyond Free Fire – this time through Blockman Go, an online gaming app that incorporates elements of Free Fire, Minecraft, and Roblox.
We also examine how the potential success of Blockman Go could help shape Sea’s metaverse ambitions.
Also check out: Sea Group: Singapore’s ‘oops’ company?
The other Big Story this week sheds the light on a little-known metaverse firm called WIR Group (WIRG, IDX). Following a relatively muted IPO (just a week before GoTo’s (GOTO, IDX) public listing in April), the Indonesia-based company has emerged from the shadows with its share value currently more than double its IPO price.
WIR’s stunning performance in the public market seems to have pierced through the broader economic gloom. In fact, the company’s products have pulled in partners from all corners of the economy, including state-owned lenders, retail giants, music labels and property developers.
My colleague, Ardi, sits down with WIR co-founder and chairman Daniel Surya in this in-depth premium piece to understand the firm’s products and make sense of the hype behind it. The story also touches on WIR’s strategy to penetrate the local market through Metaverse Indonesia and addresses concerns over the firm’s current business model.
— Shravanth
THE BIG STORIES
Image credit: Timmy Loen
1️⃣ Blockman Go could be Garena’s next big hit after Free Fire
The official launch of Roblox-like Blockman Go is Garena’s latest attempt to diversify and may be its bridge to the metaverse.
3 Trends to keep an eye on
2 Eye-popping facts
The ones you didn’t see coming
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