OKX Ventures, the investment arm of global crypto exchange and innovative Web3 company OKX, has announced a $1 million investment in Moonbox, an artificial intelligence (AI) technology and Web3-focused start-up based in Hong Kong.

OKX Ventures said in a statement on Friday that Moonbox will use the investment to accelerate product growth and continue to develop its core technology, which is centered on building applications powered by the latest generative AI technology for use in Web3 and non-fungible token (NFT) applications.

Moonbox is licensed to use the intellectual property (IP) of Stephen Chow’s films, such as “Journey to the West: Conquering the Demons,” “Journey to the West: The Demons Strike Back” and “The Mermaid.”

The company plans to launch a series of AI-powered NFTs and applications inspired by the art and film industry by the end of 2023.

“Web3 and blockchain technology are revolutionizing the creator economy, and the emergence of Moonbox is an exciting step forward in this growth phase. With blockchain technology, users can build an open, free and transparent community that allows effective communication and open expression at a lower cost,

“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,” OKX Ventures Partner Jeff Ren said。

Meanwhile, Moonbox Senior Advisor Ignious Yong said the firm is thrilled to have OKX Ventures as a leading investor in its first funding round, as well as the support of renowned actor and cultural icon 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,

“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,” he said.

Moonbox is a AI and Web3 startup focusing on developing an interactive protocol with AI that can give life to different digital assets, including NFTs.

The firm believes that the next wave of Web3 is with mass adoption, and is actively developing its technology to deliver greater value to both the movie industry and the Web3 ecosystem.

OKX Ventures is a firm focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, the firm helps build innovative companies and brings global resources and historical experience to blockchain projects.

The firm is known for its focus on identifying high-quality projects around the world and support in developing the most cutting-edge technology innovations, has successfully invested in over 300 projects across the areas of blockchain infrastructure, Web3, NFT and others, with the aim of promoting the sustainable development of the global blockchain industry.

OKX Ventures investment in Moonbox is one of the many efforts OKX has in promoting the integration of AI and Web3.

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