The WAX blockchain platform has raised $10 million in support of the GameFi and NFT markets
An NFT blockchain called Worldwide Asset eXchange (WAX) has secured $10 million in venture capital to help it grow.
It is possible to sell WAX NFTs on big platforms like OpenSea. Brands like NASCAR and Sony have utilised it to develop NFT collections.
As of Thursday, the WAX blockchain has received $10 million in financing from the OKX Blockdream Ventures fund, the investment arm of the cryptocurrency exchange OKX. WAX is a blockchain for non-fungible tokens (NFTs), videogames, and collectables.
In a statement, WAX Studios, the company that developed WAX, received an investment. An exchange for gaming tokens will be built, as well as a WAX Cloud Wallet that can be used to transmit and store gaming NFTs, as part of this project.
WAX claims to have 12 million members on its network. NFT collections have been created using the company’s “carbon-neutral” blockchain, which has been employed by businesses including NASCAR, Sony, Hasbro, and Mattel.
NFT capabilities will be integrated into WAX-based video games with the help of OKX Blockdream Ventures’ funding, allowing for greater creative freedom for P2E game producers and ways of engaging end-users, Blockdream stated in a statement.
Increased NFT capability in blockchain-based games is expected to provide players with a similar experience to popular web2 games, while also providing them with the potential to earn money.
OpenSea, OKX NFT, and WAX’s own market are just a few of the places where WAX’s NFTs may be purchased.
When it comes to immersive gaming experiences, smooth user interfaces, and deeper cooperation with game developers, “we look forward to further establishing our position as the most multifaceted NFT and gaming company,” said WAX Studios CEO William Quigley in a statement.
P2E and blockchain games are seeing a steady infusion of cash. Akatsuki, a Japanese entertainment and gaming company, said earlier this week that it had secured $20 million in a fund dedicated to investing in web3, GameFi, and metaverse-related initiatives. Andreessen Horowitz, a venture capital company, also created a $600 million fund called Games Fund One earlier this month.