An over $10 million investment from OKX Blockdream Ventures has recently been granted to WAX Studios, the company behind the WAX blockchain network. For your information, OKX Blockdream Ventures is also known as the investment arm of cryptocurrency exchange OKX.

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Who are OKX & Wax?

There are some compelling reasons for OKX Blockdream ventures to make this investment decision.
Firstly, since WAX (the WAX blockchain network) has already had 23 games on it, the potential to expand blockchain-based gaming infrastructure could better be made possible. Web3 could easily be integrated into users’ daily life and gain adoption in mass.

Secondly, top companies such as NASCAR, Sony, Hasbro, Mattel, and others have utilized the WAX network to successfully produce and sell their unique NFT collections, attracting over 12 million user accounts. The dynamic functionality of WAX’s vIRL NFTs, being compatible with app integrations, marketing tools, and e-commerce capabilities, has set these collections apart from other regular NFTs, contributing to the ultimate successful sale. Such inherent capabilities of WAX’s vIRLs were persúasive enough for OKX Blockdream to make up their mind & invest more than $10 million in WAX.

What & how is the funding being allocated for?

The funding from OKX Blockdream Ventures will be mainly used to integrate the WAX’s vIRL NFT capabilities into WAX-based video games, allowing P2E game developers additional creative freedom and ways to engage end-users. According to WAX, enhancing NFT functionality in blockchain-based games would produce an experience similar to popular web2 games while providing the ROI opportunity that players value in most P2E games.

A part of Blockdream’s funding will also go toward the construction of the WAXex exchange, which is dedicated to listing the native tokens of P2E video games based on the WAX blockchain. According to the firms, developers generally struggle to get gaming tokens listed on reputable exchanges without a substantial current user base. The arrival of WAXex exchange will make it simpler for new blockchain-based games to reach the market.

Additionally, the funds will be allocated to facilitate the growth of the WAX Cloud Wallet, enhance cross-chain functions and finally improve user experience.