WAX Studios raises $10 million from OKX Blockdream Ventures

The team behind the Worldwide Asset eXchange (WAX) blockchain, WAX Studios, has raised more than $10 million from an investment fund.subsidiaries of the OKX bitcoin exchange.

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Funds raised will be used to improve NFT functionality in WAX-powered P2E games, develop gaming tokens, and upgrade the WAX ​​Cloud Wallet.

According to VentureBeat, the daily number of transactions in the project network exceeded 23 million. 23 games operate on the blockchain with a total audience of more than 12 million accounts.

Founded in 2017, WAX Studios has a team of over 100 employees.

OKX Blockdream Ventures is a $100 million fund focused on scaling blockchain projects.

Entertainment monetization: how GameFi is changing the gaming paradigm

In February, Newzoo analysts concluded that P2E models in games will become more widespread in 2022 due to the desire of developers to diversify their sources of income.

Recall that in May, the venture capital company Andreessen Horowitz announced the launch of a fund in the amount of $600 million with a focus on "game infrastructure and metaverse technologies."

In June, Japanese game developer Akatsuki Inc. announced the creation of the $20 million Emoote fund. The structure will focus on investments in Web3 projects.