TL;DR:
- OKX Ventures, the investment arm of OKX, invests $1 million in Moonbox, an AI and Web3-focused start-up based in Hong Kong.
- Moonbox is licensed to use Stephen Chow’s film IP and plans to launch AI-powered NFTs and applications inspired by the art and film industry by the end of 2023.
- The investment will accelerate Moonbox’s product growth and development of its core generative AI technology for Web3 and NFT applications.
- OKX Ventures recognizes Moonbox’s potential to revolutionize the creator economy and the Web3 ecosystem by integrating AI and blockchain technology.
Main AI News:
In a strategic move to expand its foothold in the burgeoning AI and Web3 space, OKX Ventures, the investment arm of the renowned global crypto exchange and Web3 powerhouse, OKX, has recently announced a substantial USD 1 million investment in Moonbox. This innovative start-up, based in Hong Kong, is setting its sights on reshaping the landscape of artificial intelligence and revolutionizing the Web3 domain.
Moonbox is already making waves in the industry, having obtained licenses to leverage the intellectual property (IP) of acclaimed actor Stephen Chow’s films, including the hits “Journey to the West: Conquering the Demons,” “Journey to the West: The Demons Strike Back,” and “The Mermaid.” This strategic move allows Moonbox to draw inspiration from these cinematic marvels, intending to launch a captivating series of AI-powered NFTs (Non-Fungible Tokens) and applications, all intricately infused with elements from the art and film sectors, by the end of 2023.
The recent infusion of funds will prove instrumental in accelerating Moonbox’s product growth while bolstering the ongoing development of its core technology. At the heart of their endeavor lies the integration of cutting-edge generative AI technology, primarily geared towards powering applications within the Web3 and NFT arenas.
Jeff Ren, Partner at OKX Ventures, remarked, “The creator economy is being reinvented by the disruptive forces of Web3 and blockchain technology, and Moonbox’s arrival heralds an exciting chapter in this transformative journey. By harnessing the potential of blockchain, users can now partake in an open and transparent community, fostering seamless communication and expression at a fraction of the cost. With the integration of AI technology, the Web3 ecosystem opens up a plethora of promising opportunities. OKX Ventures takes immense pride in supporting Moonbox’s groundbreaking work, as it paves the way for the future of Web3.“
Moonbox Senior Advisor, Ignious Yong, expressed his enthusiasm, stating, “The backing of OKX Ventures as our lead investor in our inaugural funding round, along with the invaluable support from renowned actor and cultural icon, Mr. Stephen Chow, is nothing short of exhilarating. Our mission at Moonbox is to empower the Web3 ecosystem, especially the NFT realm, by delivering fully immersive experiences, thanks to the boundless potential of generative AI technology. We firmly believe that this seamless integration of AI and Web3 will inject more fun and value into NFTs, unlocking a diverse range of applications in the film and entertainment industries, thereby enticing users from all walks of life.”
Conclusion:
OKX Ventures’ significant investment in Moonbox reflects a strategic move to tap into the promising realms of AI and Web3. Moonbox’s access to Stephen Chow’s film IP and plans for AI-powered NFTs demonstrate their commitment to creating fully immersive experiences in the entertainment industry. The integration of AI and Web3 holds vast potential to reshape the creator economy, enabling an open and transparent community with lower costs. As AI and blockchain technology continue to converge, Moonbox’s innovative approach can foster a new era of valuable and entertaining NFT applications, attracting diverse users from various walks of life. This investment signifies OKX Ventures’ dedication to supporting cutting-edge technological innovations and advancing the global blockchain market’s sustainable growth.
