OKX Ventures to Funnel $1 Million in Capital to Moonbox, an AI Web3 Startup

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

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

Moonbox has a licence to use Stephen Chow's intellectual property (IP), including "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 reshaping the creator economy, and the emergence of Moonbox is an exciting step forward in this stage of development." Users can use blockchain technology to create an open, free, and transparent community that allows for effective communication and open expression at a lower cost.

"Combining this with AI technology opens up exciting possibilities for the Web3 ecosystem, and OKX Ventures is proud to be a part of that journey by supporting Moonbox's work," OKX Ventures Partner Jeff Ren said.

Meanwhile, Moonbox Senior Advisor Ignious Yong stated that the company is excited to have OKX Ventures as a lead investor in its first round of funding, as well as the support of renowned actor and cultural icon Stephen Chow.