OKX Ventures Fuels Moonbox's AI and Web3 Ambitions with $1M Investment - Blockchain.News
News

OKX Ventures Fuels Moonbox's AI and Web3 Ambitions with $1M Investment

OKX Ventures invests $1M in AI and Web3 startup Moonbox, aiming to boost development of AI-powered NFTs. The funding will accelerate product growth and promote the integration of AI and Web3.


  • Aug 05, 2023 15:00
OKX Ventures Fuels Moonbox's AI and Web3 Ambitions with $1M Investment

Moonbox, a Hong Kong-based firm specialising in artificial intelligence (AI) and Web3 technology, has received a $1 million investment from OKX Ventures, the investment arm of the revolutionary Web3 company and global crypto exchange OKX. The news was released on August 4, 2023.

By the end of 2023, Moonbox—which is creating an interactive protocol with AI to animate different digital assets, including non-fungible tokens (NFTs)—plans to release a number of AI-powered NFTs and apps with design cues from the entertainment sector. Stephen Chow, a well-known Hong Kong actor, starred in many films, including "Journey to the West: Conquering the Demons," "Journey to the West: The Demons Strike Back," and "The Mermaid." The startup has acquired the intellectual property (IP) rights to exploit these films.

Moonbox will utilise the money to drive product expansion and further improve its core technology. OKX Ventures is renowned for its worldwide investigation of high-quality blockchain companies and support for cutting-edge blockchain technology innovation. This technology focuses on developing Web3 and NFT apps that are supported by the newest generative AI technologies.

Jeff Ren, Partner at OKX Ventures, expressed enthusiasm for the potential of Web3 and blockchain technology to revolutionize the creator economy. He stated, "Combining this with AI technology brings promising possibilities for the Web3 ecosystem, and OKX Ventures is proud to play a role in that journey through supporting the work of Moonbox."

Moonbox Senior Advisor Ignious Yong welcomed OKX Ventures as a leading investor in their first funding round and expressed confidence in the integration of AI and Web3 to make NFTs more engaging and valuable. He said, "We are confident that the integration of AI and Web3 will make NFTs more fun and valuable, creating a larger variety of use cases in the film and entertainment industries, and attracting users from all walks of life."

OKX Ventures has a track record of investing in over 300 projects across blockchain infrastructure, Web3, NFT, and other areas, with the goal of promoting the sustainable development of the global blockchain industry. The investment in Moonbox aligns with OKX's efforts to promote the integration of AI and Web3.

Image source: Shutterstock