Animoca Brands Corporation Ltd (ASX:AB1) has executed a term sheet for collaboration and an exchange of value with Exposition Park Holdings SEZC, the company overseeing the Worldwide Asset eXchange, or WAX.
Since its launch in July 2018, WAX has become the biggest blockchain in the world by transaction volume, with more than 5 million peer-to-peer trades of digital collectables every day.
WAX is like the Amazon or eBay of digital items and provides a ready market for item sellers and buyers.
Animoca is collaborating with WAX to drive mass-market adoption of blockchain-based collectable virtual items and to use WAX’s millions of daily transactions to expand the reach of its subsidiary Pixowl’s The Sandbox into the gamer community.
Growth in WAXtrade volume.
The Sandbox is a decentralised, community-driven platform where creators will be able to monetise digital assets and gaming experiences on the blockchain.
This is already a successful mobile franchise with 40 million installs, 70 million worlds created and 1.2 million monthly active players.
The blockchain version for mobile, PC and Mac is launching later in 2019.
Animoca will allow player-made non-fungible tokens (NFTs) generated in The Sandbox blockchain game creation platform to be bought, traded and sold on the WAX Marketplace, providing additional visibility and liquidity to their creators.
The company expects that the option to sell and trade digital assets on WAX will boost The Sandbox users’ loyalty and incentivise them to generate more content, enriching the entire community and ecosystem.
Importantly, Animoca will collect a share of the revenue generated by every transaction on WAX that involves assets for The Sandbox.
Animoca co-founder and chairman Yat Siu said: “The relationship with WAX expands the Animoca Brands network and boosts opportunities for synergy, enabling improved monetisation of our and our partners’ NFTs and other digital assets on a well-established e-commerce platform that is also the most transacted blockchain globally.”
The chairman said that Animoca’s digital items/NFTs sold on WAX would have a ready audience.
“People who create NFTs in the Sandbox can start monetising their creators and all the other NFTs we plan to sell in the future,” he added.