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Worldwide Asset eXchange (WAX), a blockchain for non-fungible tokens (NFT), video games and collectibles, announced $10 million in funding from OKX Blockdream Ventures, the investment arm of cryptocurrency exchange OKX.
According to the press release, the investment was made in WAX Studios, the WAX team. It will be used to develop non-fungible NFTs in play-to-earn (P2E) games, create a game token exchange, and update the WAX cloud wallet that can be used to send and store gaming NFTs.
Blockchain says it has 12 million users on its network. His blockchain, which he calls “carbon neutral,” has been used by brands like NASCAR, Sony, Hasbro, and Mattel to create NFT collections.
“Capital from OKX Blockdream Ventures will enable the integration of these NFT capabilities into WAX-based video games, ultimately giving more creative freedom to P2E game developers and a means of interacting with end users,” the Blockdream team said in a statement.
“The enhanced functionality of NFT in blockchain-based games will create an experience similar to popular web2 games, offering a return on investment opportunity that gamers prioritize with P2E involvement.”
WAX’s NFT can be sold on major platforms such as OpenSea, OKX NFT and its own market.
“This initiative will foster engaging gaming experiences, a user-friendly experience, and closer and more effective collaboration with game developers, and we look forward to further strengthening our position as the most multifaceted NFT and game studio,” said William Quigley, CEO of WAX Studios.
Earlier this week, Japanese entertainment and gaming company Akatsuki said it had raised a $20 million fund designed to invest in web3, GameFi and metaverse projects. Earlier in May, venture capital firm Andreessen Horowitz also launched a $600 million fund known as Games Fund One.
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