WAX Studios, the company behind the WAX blockchain network, has received a $10 million investment from OKX Blockdream Ventures, the investment arm of cryptocurrency exchange OKX.
WAX (Worldwide Asset Exchange) allows more than 23 million daily transactions in NFT trading, play-to-earn gaming, and other sectors. The funds will be used to improve the functioning of NFTs in WAX-based P2E games, establish a P2E gaming token exchange, and modernize the WAX Cloud Wallet, among other things.
OKX Blockdream Ventures hopes to expand blockchain-based gaming infrastructure with this investment, allowing users to better integrate Web3 technology into their daily life. WAX already has 23 games on it.
Top companies including NASCAR, Sony, Hasbro, Mattel, and others have utilized the WAX network to produce and sell their unique NFT collections, with over 12 million user accounts. The dynamic functionality of WAX’s vIRL NFTs sets them apart from regular NFTs, according to the firms, which includes app integrations, marketing tools, and e-commerce capabilities.
The funding from OKX Blockdream Ventures will allow the integration of these NFT capabilities into WAX-based video games, allowing P2E game developers additional creative freedom and ways to engage end-users.
According to the firms, enhanced NFT functionality in blockchain-based games would produce an experience similar to popular web2 games while also providing the ROI opportunity that players value in P2E participation. WAX stated that it will collaborate with game development teams with a track record of delivering superior gameplay, digital quality, smart system design, and high production value.
Additionally, Blockdream’s funding will go toward the construction of the WAXex exchange, which will list the native tokens of play-to-earn video games based on the WAX blockchain. Developers generally struggle to get gaming tokens listed on reputable exchanges without a substantial current userbase, so this will make it simpler for new blockchain-based games to reach the market.
William Quigley, CEO of WAX Studios said in a statement, “This initiative with OKX Blockdream Ventures will further our mission to sustainably scale the WAX ecosystem and across multiple blockchains, bringing blockchain gaming to the mass market. 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.”
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