WAX blockchain raises $10 million in push for GameFi and NFT market – The Block Crypto

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The Worldwide Asset eXchange (WAX), a blockchain for non-fungible tokens (NFTs), videogames, and collectibles, announced on Thursday that it has raised $10 million in funding from OKX Blockdream Ventures, the investment arm of cryptocurrency exchange OKX.

According to a press release, the investment is in WAX Studios, the team behind WAX. It will be used to develop non-fungible NFTs in play-to-earn (P2E) games, build out an exchange for gaming tokens and upgrade the WAX Cloud Wallet, which can be used to send and store gaming NFTs.

WAX says its network has 12 million users. Its blockchain, which it calls “carbon-neutral,” has been used by brands such as NASCAR, Sony, Hasbro, and Mattel to create NFT collections.

“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 Blockdream team said in a statement.

“The increased NFT functionality within blockchain-based games will create an experience akin to popular web2 games, while offering the ROI opportunity that gamers prioritize in P2E participation.”

NFTs from WAX can be sold on major platforms like OpenSea, OKX NFT, and WAX’s own 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,” said William Quigley, CEO of WAX Studios, in a statement.

It’s the latest example of cash flowing into the P2E and blockchain gaming space. Earlier this week, Japanese entertainment and gaming firm Akatsuki said that it has raised a $20 million fund focused on investing in web3, GameFi and metaverse projects. Earlier in May, venture capital firm Andreessen Horowitz also launched a $600 million fund known as Games Fund One. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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