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OKX Blockdream Ventures, the investment arm of cryptocurrency exchange OKX, has invested over $10 million in WAX Studios, the team behind the WAX carbon-neutral blockchain network.
WAX (Global Asset Exchange) supports over 23 million daily transactions via non-fungible token trading (NFT), play-to-win (P2E) games, and more.
The funding will go towards greater functionality of NFTs in WAX-based P2E games, the development of a P2E game token exchange, and upgrades to the WAX Cloud Wallet, among other areas.
With this investment, OKX Blockdream Ventures aims to advance blockchain-based gaming infrastructure to help further integrate Web3 technology into consumers’ daily lives. WAX has 23 games already on it.
With over 12 million user accounts, the WAX network has been used by major brands such as NASCAR, Sony, Hasbro, Mattel, etc. to create and sell their respective NFT collections. WAX’s vIRL NFTs differ from standard NFTs in their dynamic functionality, including app integrations, marketing tools and e-commerce capabilities, the companies said.
Capital from OKX Blockdream Ventures will enable the integration of these NFT capabilities into WAX-based video games, ultimately giving more creative latitude to P2E game developers and means of engagement for end users.
The increased NFT functionality in blockchain-based games will create an experience similar to popular Web2 games, while providing the ROI opportunity that players value in P2E participation, the companies said. WAX said it will work alongside game development studios with proven gaming pedigrees that can deliver better gameplay, digital fidelity, thoughtful system design, and high production value.
Additionally, Blockdream’s funding will support the development of the WAXex exchange, which will specifically list native play-to-earn video game tokens that are built on the WAX blockchain. This will make it easier for new blockchain-based games to enter the market, as developers often struggle to get gaming tokens listed on reputable exchanges without a large existing user base.
WAXex will operate like any mainstream cryptocurrency exchange while providing players with a more familiar and accessible experience of using fiat currency to purchase WAX’s native WAXP tokens and then using them to acquire any which game token listed on the exchange. Developers making games based on WAX will benefit from marketing and technical support, with plugins and development kits to integrate the Unity and Unreal engines coming soon from WAX Studios.
William Quigley, CEO of WAX Studios, said in a statement: “This initiative with OKX Blockdream Ventures will further our mission to scale the WAX ecosystem sustainably and across multiple blockchains, bringing blockchain gaming to the mass market. . Exciting gaming experiences, smooth user experiences, and closer, more efficient collaboration with game developers will all be facilitated by this initiative, and we look forward to further cementing our position as the most versatile NFT and game studio. .
Beyond games, Blockdream’s investment will be used to facilitate the growth of the WAX Cloud Wallet to include more cross-chain features and an improved user experience. The wallet acts as a dashboard for the whole WAX ecosystem – users can create an account using social media or email to then send game NFTs seamlessly, in using existing WAX cross-chain NFT functionality and NFT bridges across multiple blockchains. WAX Studios NFTs can be sold on OpenSea, OKX NFT, and WAX’s own vIRL Marketplace, among other major platforms.
Jeff Ren, Head of OKX Blockdream Ventures, said in a statement, “OKX Blockdream Ventures is committed to driving innovation and growth across all industries and across international borders by funding the most advanced implementations of the blockchain technology in the world. WAX Studios sits at the forefront of traditional gaming and the emerging P2E environment, and we’re excited to give them the firepower to further proliferate their unique offering to a wider audience.
OKX Blockdream Ventures is a $100 million fund focused on scaling top blockchain projects. WAX Studios was launched in 2017 and has over 100 employees.
How WAX is carbon neutral
WAX uses a delegated proof-of-stake (DPoS) system for transaction validations, which is significantly less power-intensive than Bitcoin and Ethereum proof-of-work systems, which have to fight for dominance in computing power.
WAX creates Carbon offset NFT and Climate Care awarded WAX a carbon neutral certification in early 2021. WAX’s transactions per second (TPS) are 8,000 – much faster than Ethereum (15-30 TPS), Solana (2,700 TPS) and Polygon (7,200 GST).
Regarding security, WAX said it is a secure blockchain network and uses the highest degree of security protocols and technologies available.
Of the top five play-to-earn games by users and volume, three are on WAX: Splinterlands (with 328,580 users), Alien Worlds (187,100 users) and Famers World (152,210 users). More info on the games here.
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OKX Invests Over $10 Million In WAX Blockchain Network
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