OKX Ventures Invests $1 Mln in Web3 Startup in Hong Kong

OKX Ventures, the investment branch of the renowned global crypto exchange and Web3 company OKX, has recently invested $1 million in Moonbox, a Hong Kong-based start-up that focuses on artificial intelligence (AI) technology and Web3.

Moonbox has been granted a license to use the intellectual property (IP) of Stephen Chow’s films, including “Journey to the West: Conquering the Demons,” and “Journey to the West: The Demons Strike Back. By the end of 2023, the company intends to release a range of AI-powered NFTs and applications inspired by the art and film industry, according to PR Newswire.

Moonbox plans to utilize the investment to expedite the growth of its products and further enhance its core technology. This technology primarily focuses on constructing applications that run on the latest generative AI technology, aiming to integrate them into Web3 and NFT applications.

In this regard, OKX Ventures Partner Jeff Ren said The world of creator economy is undergoing a revolution thanks to Web3 and blockchain technology, pointing out that blockchain technology enables users to create a transparent, free and open community, promoting effective communication and expression at a lower cost.

According to Ren, the integration of AI technology with blockchain brings forth exciting possibilities for the Web3 ecosystem, and OKX Ventures is honored to support Moonbox in its journey.

Meanwhile, Moonbox Senior Advisor Ignious Yong noted: “We’re thrilled to have OKX Ventures as a leading investor in our first funding round, as well as the support of renowned actor and cultural icon, Mr. Stephen Chow. Our mission at Moonbox is to power the Web3 ecosystem, and NFTs in particular, by providing fully immersive experiences with the use of generative AI technology.” 

It is worth mentioning that OKX Ventures has accomplished successful investments in more than 300 projects in the fields of blockchain infrastructure, Web3, NFT, and other related areas.