Global cryptocurrency exchange giant OKX has announced that they will be investing tens of millions of dollars in WAX Studios through their investment arm Blockdream Ventures.
WAX is a carbon-neutral layer-one blockchain network and one of the leading networks for NFT, Metaverse, and GameFi projects due to the highly scalable and fee-friendly nature of the blockchain.
The funding will go towards greater functionality and development of NFTs in P2E games built on WAX, along with the development of an exchange for P2E gaming tokens, and upgrades to the WAX Cloud Wallet.
William Quigley, CEO of WAX Studios, said:
“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.”
WAX has been a recognized industry leader in blockchain, trusted by brands such as NASCAR, Sony, Hasbro, Funko, and Mattel to support their NFT ambitions. The funds from OKX Blockdream Ventures will be used to enable the integration of NFT capabilities into WAX built GameFi projects. WAX will work alongside innovating and well-respected game developer studios to deliver a level of gameplay that will enhance the experience for end-users.
As well as developing the GameFi ecosystem on WAX, the funds will also support the development of the WAXex exchange, which will list the native tokens of P2E games that are built on WAX, making it easier for new blockchain-based games to enter the market, as reputable exchanges are often hesitant to list tokens without a large user base.
NFTs from WAX can be sold on major platforms like OpenSea, OKX NFT, and WAX’s own market