ARAX Holdings Corp Acquires 20% Stake in The Nemesis
ARAX Holdings Corp, a prominent digital asset management player, has made an announcement regarding its acquisition of a 20% stake in The Nemesis, a dynamic open-world metaverse platform. This strategic move is seen as a significant step towards redefining interactions within the digital realm.
Option for Additional Stake Acquisition
In addition to the 20% stake acquisition, ARAX also has an option to acquire an additional 11% stake in The Nemesis in the future.
The Nemesis Features Ethereum-Based Token System
The Nemesis operates on an Ethereum-based token system, utilizing NEMS for transactions and as in-game rewards. It also incorporates non-fungible tokens (NFTs) to represent virtual assets such as land, companion characters, and vehicles.
Integration with Core Blockchain and CorePass
As part of this strategic move, The Nemesis will be deployed on Core Blockchain, a platform owned by Core Business Holdings, a subsidiary recently acquired by ARAX. Additionally, CorePass, the designated wallet for Core Coin and Core Token, will be involved in this partnership. ARAX plans to collaborate with The Nemesis to develop connectors for CorePass using a Unity SDK to enhance the utility and reach of their digital assets.
Expansion of Digital Asset Management Capabilities
The partnership between ARAX and The Nemesis is expected to strengthen ARAX’s digital asset management capabilities within the Core Business Holdings Ecosystem. This collaboration will increase the demand for Core Token and Core Coin while exploring new customer engagement avenues in sectors such as fintech, healthcare, and industrial solutions.
Growing Significance of the Metaverse
ARAX highlighted the growing significance of the metaverse, citing statistics that show approximately 400 million monthly active users in this sector. It is projected that by the mid-2030s, the metaverse could generate an economic impact of €489 billion in the EU and $760 billion in the U.S.
Alignment with EU’s Virtual World Development Strategy
This development aligns with the European Union’s strategy to become a leader in virtual world development. The EU aims to strengthen its businesses and reduce dependency on non-EU technological resources by advocating for new standards and global governance in the metaverse.
Hot Take: ARAX Acquires Stake in The Nemesis, Boosting Metaverse Presence
ARAX Holdings Corp’s acquisition of a 20% stake in The Nemesis marks a significant milestone in their efforts to expand their presence within the metaverse. This strategic move not only enhances ARAX’s digital asset management capabilities but also positions them for increased demand for Core Token and Core Coin. By partnering with The Nemesis, ARAX can explore new customer engagement avenues and tap into various sectors such as fintech, healthcare, and industrial solutions. With the metaverse gaining traction and projected to have a substantial economic impact, ARAX’s investment in The Nemesis aligns with the European Union’s virtual world development strategy, positioning them as leaders in this emerging space.
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