OKX Blockdream Ventures Invests More than $10M in Wax Blockchain’s GameFi and NFT Push

Worldwide Asset eXchange (WAX) Blockchain has announced the successful fundraising of more than $10 million from OKX Blockchain Ventures.
Image source: wax.io

Quick take:

  • Worldwide Asset eXchange has received more than $10 million in backing from OKX Blockdream Ventures.
  • The NFT and GameFi infrastructure platform wants to scale its product offering.
  • WAX Blockchain is used by brands to launch NFT projects.

Worldwide Asset eXchange (WAX) Blockchain has raised more than $10 million from OKX Blockdream Ventures, the investment arm of the OKX crypto exchange platform. WAX is a blockchain infrastructure platform used by brands to launch NFT projects and for GameFi support.

The company said it will use the new funds to scale its product offerings. WAX has already helped leading brands like NASCAR and Sony launch their non-fungible token (NFT) projects.

According to the announcement, OKX Blockdream Ventures is backing WAX Studios’ campaign to develop non-fungible NFTs in play-to-earn (P2E) games. The funds will also be used to develop an exchange for gaming tokens and upgrade the WAX Cloud Wallet, enabling users to send and store gaming NFTs.

The carbon-neutral blockchain platform claims it has amassed a userbase of more than 12 million to the WAX network after helping industry-leading brands like NASCAR, Sony, Hasbro, and Mattel launch various NFT projects.

Commenting on its decision to back WAX Studios, the OKX Blockdream team said: “[Our investment] 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.”

OKX Blockdream believes that the adaptability of NFT technology to blockchain gaming will “create an experience akin to popular web2 games while offering the ROI opportunity that gamers prioritize in P2E participation.”

Collectibles and NFTs created on the WAX Blockchain are also tradable on the world’s leading NFT marketplace OpenSea, alongside WAX’s own platform and OKX NFT.

William Quigley, CEO of WAX Studios commented: “Enthralling gaming experiences, seamless user experiences and closer, more effective collaboration with game developers will all be facilitated with this initiative, and we look forward to further cementing our position as the most multi-faceted NFT and gaming studio.”

WAX is one of the few blockchain platforms for NFTs that have verifiable carbon-neutral certification. The platform creates carbon offset NFTs, which saw it receive Carbon Neutral Certification from Climate Care in early 2021.

The platform also features some of the most popular play-to-earn games, including Splinterlands, Alien Worlds, and Famers World.

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