WAX blockchain brings $10 million up in push for GameFi and NFT market

The Worldwide Asset eXchange (WAX), a blockchain for non-fungible tokens (NFTs), videogames, and collectibles, declared on Thursday that it has brought $10 million up in financing from OKX Blockdream Ventures, the speculation arm of digital currency trade OKX.

According to a public statement, the speculation is in WAX Studios, the group behind WAX. It will be utilized to foster non-fungible NFTs in play-to-procure (P2E) games, work out a trade for gaming tokens and overhaul the WAX Cloud Wallet, which can be utilized to send and store gaming NFTs.

WAX says its organization has 12 million clients. Its blockchain, which it calls “carbon-neutral,” has been utilized by brands like NASCAR, Sony, Hasbro, and Mattel to make 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 group 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 significant stages like OpenSea, OKX NFT, and WAX’s own market.

“Exciting gaming encounters, consistent client encounters and closer, more compelling cooperation with game designers will be generally worked with this drive, and we anticipate further solidifying our situation as the most complex NFT and gaming studio,” said William Quigley, CEO of WAX Studios, in a statement.

It’s the most recent illustration of money streaming into the P2E and blockchain gaming space. Earlier this week, Japanese diversion and gaming firm Akatsuki said that it has raised a $20 million asset zeroed in on putting resources into web3, GameFi and metaverse projects. Earlier in May, investment firm Andreessen Horowitz additionally sent off a $600 million asset known as Games Fund One.

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