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ARAX Holdings secures 20% stake in Nemesis’ blockchain-driven metaverse

source-logo  crypto.news 06 December 2023 09:44, UTC

ARAX Holdings Corp, a key player in digital asset management, has announced its acquisition of a 20% stake in The Nemesis, a dynamic open-world metaverse platform.

The deal, revealed on Dec. 5, also includes an option for ARAX to acquire an additional 11% stake in the future.

🌐ARAX is proud to announce its acquisition of the Metaverse platform "The Nemesis", solidifying a strategic partnership set to drive increased demand for Core Token and Core Coin through novel opportunities. $ARAT @TheNemesis_io https://t.co/XDbEM2TiSV

— Arax (@AraxCorp) December 5, 2023

Ockert Loubser, the Chief Operating Officer of ARAX, emphasized the significance of this acquisition, viewing it as a step towards redefining interactions within the digital realm.

The Nemesis operates on an Ethereum-based token system, using NEMS for transactions and as an in-game reward. The metaverse platform also incorporates non-fungible tokens (NFTs) to represent various virtual assets, including land, companion characters, and vehicles.

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This strategic move will see The Nemesis deploying on Core Blockchain, a platform belonging to Core Business Holdings, a subsidiary recently acquired by ARAX. The asset manager separately announced the deployment of the native Core Token in November.

The deal also includes the involvement of CorePass, the designated wallet for Core Coin and Core Token. ARAX plans to collaborate with The Nemesis to develop connectors for CorePass using a Unity SDK, enhancing the utility and reach of their digital assets.

ARAX’s strategic partnership with The Nemesis is anticipated to bolster its digital asset management capabilities within the Core Business Holdings Ecosystem. This is expected to increase the demand for Core Token and Core Coin while also enabling ARAX to explore new customer engagement avenues in various sectors, including fintech, healthcare, and industrial solutions.

Highlighting the growing significance of the metaverse, ARAX cited statistics indicating approximately 400 million monthly active users in this sector. It also 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.

This development aligns with the European Union’s strategy to become a leader in virtual world development, as reported by crypto.news in November. The EU aims to strengthen its businesses and reduce dependency on non-EU technological resources, with the European Commission advocating for new standards and global governance in the metaverse.

Read more: ‘Metaverse technology is still immature, but in 30 years, everyone will use it’