OKX invests more than $10M in WAX’s blockchain network
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OKX Blockdream Ventures, the investment arm of cryptocurrency exchange OKX, has invested more than $10 million in WAX Studios, the team behind the WAX carbon-neutral blockchain network.
WAX (Worldwide Asset Exchange) supports over 23 million daily transactions across non-fungible token (NFT) trading, play-to-earn (P2E) gaming, and more.
The funding will go towards greater functionality of NFTs in P2E games built on WAX, development of an exchange for P2E gaming tokens, and upgrades to the WAX Cloud Wallet, among other areas.
With this investment, OKX Blockdream Ventures aims to advance blockchain-based gaming infrastructure to help further integrate Web3 technology into consumers’ daily lives. WAX has 23 games on it already.
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With over 12 million user accounts, the WAX network has been used by top brands such as NASCAR, Sony, Hasbro, Mattel, and more to create and sell their respective NFT collections. WAX’s vIRL NFTs are distinct from standard NFTs in their dynamic functionality, including app integrations, marketing tools, and e-commerce capabilities, the companies said.
The capital from OKX Blockdream Ventures will enable the integration of these NFT capabilities into WAX-based video games, ultimately giving more creative leeway to P2E game developers and means of engagement to end-users.
The increased NFT functionality within blockchain-based games will create an experience akin to popular web2 games, while
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