ARAX Holdings Corp, a prominent player in digital asset management, has made a significant move by acquiring a 20% stake in The Nemesis, a dynamic open-world metaverse platform.
The announcement of the deal on December 5 also includes an option for ARAX to potentially acquire an additional 11% stake in the future.
Ockert Loubser, the Chief Operating Officer of ARAX, underscored the importance of this acquisition, portraying it as a strategic step towards reshaping interactions within the digital landscape.
Operating on an Ethereum-based token system, The Nemesis utilizes NEMS for transactions and in-game rewards. The metaverse platform also incorporates non-fungible tokens (NFTs) to represent various virtual assets, such as land, companion characters, and vehicles.
As part of this strategic move, The Nemesis will deploy on Core Blockchain, a platform owned by Core Business Holdings, a subsidiary recently acquired by ARAX. In November, the asset manager separately announced the deployment of the native Core Token.
The agreement also involves the participation 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 accessibility of their digital assets.
Anticipated to strengthen ARAX’s digital asset management capabilities within the Core Business Holdings Ecosystem, this strategic partnership is poised to drive demand for Core Token and Core Coin. Moreover, it enables ARAX to explore new avenues for customer engagement across various sectors, including fintech, healthcare, and industrial solutions.
This move by ARAX aligns with the increasing significance of the metaverse, citing statistics that indicate around 400 million monthly active users in this sector. Furthermore, the company projects that the metaverse could generate a substantial economic impact, estimating €489 billion in the EU and $760 billion in the U.S. by the mid-2030s.
This development aligns with the European Union’s strategy to become a leader in virtual world development, as previously reported by Crypto.news in November. The EU is actively working to strengthen its businesses and reduce dependence on non-EU technological resources, advocating for new standards and global governance in the metaverse, according to the European Commission.
