Hong Kong-based AI and Web3 startup Moonbox received $1 M from OKX Ventures

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

Moonbox’s core technology is focused on developing applications powered by the most recent generative AI technology for use in Web3 and non-fungible token (NFT) applications, according to a statement released by OKX Ventures on Friday. Moonbox will use the investment to accelerate product growth and continue developing its core technology, the statement added.

Stephen Chow’s movies, including “The Mermaid,” “Journey to the West: The Demons Strike Back,” and “Journey to the West: Conquering the Demons,” have granted Moonbox permission to use their intellectual property (IP).

By the end of 2023, the business intends to introduce a number of AI-powered NFTs and applications that are influenced by the visual arts and film.

“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。

Ignious Yong, the senior advisor at Moonbox, said the company is grateful to have OKX Ventures as a key investor in its initial funding round, as well as Stephen Chow’s support and endorsement.

“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.

The goal of Moonbox, an AI and Web3 startup, is to create an interactive protocol using AI that can breathe life into various digital assets, including NFTs.

The company is actively developing its technology in order to provide greater value to both the film industry and the Web3 ecosystem as it believes that the next wave of Web3 will be with mass adoption.