WAX blockchain raises $10 million in push for GameFi and NFT market

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The Worldwide Asset eXchange (WAX), a blockchain for non-fungible tokens (NFTs), videogames, and collectibles, introduced on Thursday that it has raised $10 million in funding from OKX Blockdream Ventures, the funding arm of cryptocurrency trade OKX.

Based on a press launch, the funding is in WAX Studios, the workforce behind WAX. Will probably be used to develop non-fungible NFTs in play-to-earn (P2E) video games, construct out an trade for gaming tokens and improve the WAX Cloud Pockets, which can be utilized to ship and retailer gaming NFTs.

WAX says its community has 12 million customers. Its blockchain, which it calls “carbon-neutral,” has been utilized by manufacturers equivalent to NASCAR, Sony, Hasbro, and Mattel to create NFT collections.

“The capital from OKX Blockdream Ventures will allow the combination of those NFT capabilities into WAX-based video video games, in the end giving extra artistic leeway to P2E recreation builders and technique of engagement to end-users,” the Blockdream workforce mentioned in a press release.

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“The elevated NFT performance inside blockchain-based video games will create an expertise akin to in style web2 video games, whereas providing the ROI alternative that avid gamers prioritize in P2E participation.”

NFTs from WAX could be offered on main platforms like OpenSea, OKX NFT, and WAX’s personal market.

 “Enthralling gaming experiences, seamless person experiences and nearer, more practical collaboration with recreation builders will all be facilitated with this initiative, and we sit up for additional cementing our place as probably the most multi-faceted NFT and gaming studio,” mentioned William Quigley, CEO of WAX Studios, in a press release.

It is the most recent instance of money flowing into the P2E and blockchain gaming area. Earlier this week, Japanese leisure and gaming agency Akatsuki mentioned that it has raised a $20 million fund targeted on investing in web3, GameFi and metaverse tasks. Earlier in May, enterprise capital agency Andreessen Horowitz additionally launched a $600 million fund often known as Video games Fund One. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This text is offered for informational functions solely. It’s not provided or meant for use as authorized, tax, funding, monetary, or different recommendation.



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